CAO

CAO: 4Q rev at US$2.1b +31.3% yoy -11.2% qoq with net profit at US$5.7m -43.0% yoy -66.5% qoq. Fall in net profit was attributed to provision of doubtful debt due from MF Global, higher fees and IT expenses. Net profit was also impacted by a fall in associate contributions. Excluding the provision for MF Global losses, net profit would have been US$10.0m relatively unchanged from 4Q2010.

Overall, FY11 rev was up 65.3% at US$9.0b with net profit at $63.4m +15.9% yoy. For FY2011, co recorded a 1.2m ton increase in volume of both supply and trading of jet fuel, with total of 8.4m tons traded.

Dividend of $0.02 declared. Co currently trades at trailing 11.9x P/E for FY11.