Friday, March 1, 2013
China Aviation Oil
China Aviation Oil: FY12 revenues increased 64.3% to US$14.8b, earnings increased 4.4% to US$66.2m; the increase in revenues were mainly due to the higher volume of jet fuel, as well as the consolidation of contributions from 2 new wholly owned entities- CAO Hong Kong and North American Fuel Corp. Gross profit margins however, slipped from 0.37% to 0.19% for FY12.
The largest jet fuel trader in Asia Pacific and the sole importer of jet fuel into China stated that China’s demand for imported jet fuel is expected to remain stable and this will provide a firm foundation for the Group’s expansion plans. Based on the Group’s Strategic Plan, CAO will focus on building a global business network to strengthen its core operational capabilities, developing jet supply and trading to other regions and enhancing its trading capabilities.
Dividend of $0.02/ share declared, indicative yield of 2%
CAO trades at 9.8 P/E, 1.5x P/B.
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