Source: Channel NewsAsia Author: 04/16/2009
Subject Concerned: Aviation Fuel
Mainboard-listed China Aviation Oil (CAO) announced on April 15 that its 33 per cent owned subsidiary, Shanghai Pudong International Airport Aviation Fuel Supply, has recorded an US$8.8 million net loss for the Q1 2009 ended March. This is less than the US$33 million loss it incurred in Q4 of 2008.
CAO said that the loss was due to the falling price of oil, resulting in lower revenues for Shanghai Pudong.
The firm added that this is expected to lower their first quarter earnings for the period ended March 2009, as compared to the US$9 million it made in the same period last year.
In a separate announcement, CAO said it had sealed a deal with China National Offshore Oil Corporation Marketing Company (CNOOC) to sell jet fuel outside of China.
Under the agreement, CAO will purchase a portion of CNOOC's export quota to sell jet fuel to the international market.
CAO will be announcing its results for the first quarter of 2009 on May 15.