China Aviation Oil net profit drops 54.6% in Q1

Source: Xinhua | May 16, 2009, Saturday |

Online Edition

CHINA Aviation Oil said yesterday that its net profit in the first quarter of this year fell by 54.6 percent on-year to US$4.1 million.

The company said in a statement that revenue fell by 34.8 percent to US$655.6 million in the first quarter of 2009 over the same period last year.

The company said the drop was mainly due to lower jet fuel prices in the first quarter of this year, adding that it will continue to take a cautious approach to its trading activities during the global downturn.

Energy

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China Aviation Oil net profit drops 54.6% in Q1

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