Thursday, March 27, 2008

CAO Singapore unit rebounds from losses

The Singapore unit of China Aviation Oil Group (CAO), the nation's major air oil provider, has rebounded from losses, according to CAO sources.

The company reaped US$69.7 million profits from 2006 to 2007 through oil business and returns on other investments, CAO's general manager Sun Li said, adding that it also paid off debts four years in advance and delivered high dividends.

The Singapore unit lost over US$500 million in 2004 as its former CEO Chen Jiulin used his power to conduct speculative trading.

The CAO group, which ensured jet fuel for 90% of China's airlines, provided a record 14.51 million tons of aviation oil and other oil products last year.

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