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Business Times
39 minutes ago
- Business Times
China Aviation Oil H1 profit rises 18.4% to US$50 million on higher gross profit and associates' share of results
[SINGAPORE] Asia-Pacific's largest physical jet fuel buyer China Aviation Oil (CAO) posted a net profit of US$50 million for the first half of its financial year ended Jun 30. This was an 18.4 per cent year-on-year increase from US$42.3 million. The growth was attributed to increases in gross profit and share of results from associates, the Singapore Exchange-listed group said on Thursday (Aug 14). Earnings per share jumped 18.1 per cent to US$0.0582 from US$0.0493 previously for the company, which is a key supplier of imported jet fuel to China. CAO attributed the rise in business volume to higher trading volumes of crude and fuel oils. The increase in jet fuel supply volume and optimisation gains from trading activities thus led to a jump in revenue and gross profit. Gross profit was US$30.4 million, a 25.7 per cent increase from US$24.2 million recorded in the same period the previous year. Revenue rose 13.6 per cent to US$8.6 billion, from US$7.5 billion in the first half of 2024, underscored by a 'strong uptick' in demand. Total supply and trading volume went up 35.4 per cent to 13.8 million tonnes in H1 FY2025 from 10.2 million tonnes previously. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The share of results from CAO's associates rose 18.6 per cent to US$27.4 million. This was largely down to higher refuelling volumes from the sole supplier of jet fuel at Shanghai Pudong International Airport (leading to a 13.9 per cent increase in contributions to US$25.5 million), and higher contributions from petroleum complex logistics terminal company Oilhub Korea Yeosu. The volume of middle distillates for H1 grew 18.7 per cent to 7.4 million tonnes from 6.2 million tonnes, while the trading volume of other oil products rose to 6.4 million tonnes, from 4 million tonnes in the same period the previous year. This was due to higher trading volumes of fuel and crude oils. CAO also stated that it has zero net-interest-bearing debt. Outlook CAO chief executive Lin Yi said his company is 'cautiously optimistic' about its medium-term outlook. The company pointed out the International Air Transport Association forecast that the total operating profits for the global civil aviation industry are set to grow 6.6 per cent to US$66 billion this year. It added that relaxed visa requirements across countries in the Asia-Pacific mean that the region is expected to account for 52 per cent of the global aviation industry's revenue passenger kilometre increase. China is set to be a 'significant contributor', accounting for more than 40 per cent of the region's aviation traffic, said CAO. 'CAO remains confident about the aviation industry's trajectory amidst a dynamic global landscape,' said Lin, referring to the geopolitical instability, trade tensions and supply-chain disruptions that were seen in the first half of the year. He added: 'Supported by healthy recovery in the global aviation industry, rising demand across our key markets, and new opportunities posed by the low-carbon business, CAO is well-positioned to benefit from these opportunities.' CAO executive chairman Shi Yanliang stated that the company is also 'committed to' its development goals in the sustainable aviation fuel business, alongside business innovation and strengthened risk management. At the mid-day break on Thursday, shares of CAO were flat at S$1.23 compared with its closing price the previous day.
CNA
an hour ago
- CNA
Musk's X back up after brief outage, Downdetector shows
Elon Musk's X was back up for thousands of users in the U.S. after a short outage on Thursday, according to tracking website Th outage eased to nearly 600 incidents of people reporting issues with the social media platform as of 11:20 a.m. ET, compared to a peak of more than 18,000 user reports, according to Downdetector. Downdetector tracks outages by collating status reports from a number of sources. Since the numbers are based on user-submitted reports, the actual number of affected users may vary.
Straits Times
2 hours ago
- Straits Times
Airbnb lets US guests defer payments until closer to check-in
Sign up now: Get ST's newsletters delivered to your inbox Airbnb said the the "Reserve Now, Pay Later" feature could help US-based hosts get more reservations. WASHINGTON – Airbnb is letting guests in the US reserve some trips without paying upfront, an effort to win over budget-conscious travelers who may be reluctant to book in advance. The feature, called 'Reserve Now, Pay Later,' is available for US-based rental listings that have a flexible or moderate cancellation policy, the company said in a statement Aug 1 3. Guests do not need to pay the full amount until eight days before the end of the listing's free cancellation period, it said. The option is not a loan and doesn't require credit checks or interest, it added. This is the latest flexible payment option the online travel company has added in recent years to appeal to travelers who may be holding out on making reservations, particularly if they're on a budget or coordinating group trips. Airbnb said the new feature could help US-based hosts get more reservations, after it warned last week of moderating gains through the remainder of the year. The North American business has been a drag on overall bookings growth, which rose 7.4 per cent in the second quarter and would have seen a double-digit increase excluding the region, Airbnb said. The company already offers the option for guests to pay for a portion of their reservation and the rest until closer to check-in. It also allows customers to pay by installments through the buy-now-pay-later service Klarna Group Plc. BLOOMBERG
