Friday, February 25, 2011


CAO: Slightly lower 4Q results, Rev at US$1.6b +38.7%yoy with net profit of US$10.0m -5.5%yoy. Despite higher sales in 4Q, less favourable trading mkt conditions, higher procurement and storage costs eroded already thin margins leading to a decrease in gross profit of 19.7%yoy, at $4.0m...

Full yr profit at 54.7m up 21.0%yoy. Full yr operating profit was -14.1% at $18.0m, most of the profit increase coming from associate Aviation Fuel Supply co. Dividend of 2c declared translates to approx 1.5% yield.. Co expects jet fuel demand to increase steadily due to increased passenger traffic with economic growth. Currently not covered by any analyst.

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