China Aviation Oil H2 Profit Falls 50.8% To US$16.1m Despite Higher ...

CHINA Aviation Oil (CAO) G92 on Friday (Feb 25) posted a net profit of US$16.1 million for the second half of the fiscal year ended Dec 31, 2021, down 50.8 per cent from US$32.6 million in the year-ago period.

This comes despite the jet fuel trader reporting a 74.1 per cent growth in revenue to US$8.95 billion for H2 FY2021, up from US$5.14 billion in H2 FY2020. The increase in revenue is credited to the increase in oil prices and volume, CAO said in a bourse filing.

The group attributed the drop in net profit to the decrease in gross profit and share of results from associates, which was impacted by the Covid-19 pandemic.

Earnings per share (EPS) for H2 FY2021 amounted to 1.87 US cents, compared to 3.79 US cents for H2 FY2020.

The share of results from associates stood at US$7.5 million for the second half of FY2021, down from US$20.9 million in H2 FY2020. The main reason is due to lower contributions from Shanghai Pudong International Airport, which CAO has a 33 per cent stake in.

For the full year, CAO reported a net profit of US$40.4 million, down 28.2 per cent from US$56.2 million in FY2020 due to the decrease in gross profit and other income partially offset by the decrease in expenses.

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Total revenue increased by 67.7 per cent to US$17.64 billion in FY2021 from US$10.52 billion in FY2020.

EPS for the year totalled 4.69 US cents for FY2021, down from 6.53 US cents for FY2020.

The board of directors proposed a tax exempt one-tier final cash dividend of 1.9 Singapore cents per share for the year, down from 2.58 cents per share in FY2020. The date payable and details on the record date will be announced in due course, CAO said.

CAO shares were trading at S$0.95, up 2.2 per cent or S$0.02 as at 1.34 pm on Friday, after the earnings results were released during the midday trading break.

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