15th Aug 2014 08:29
LONDON (Alliance News) - Fortune Oil PLC Friday said its performance in the first quarter of its financial year was in line with expectations as it posted a rise in jet fuel sales on the back of robust demand for air travel in China.
Fortune said sales for its Bluesky Aviation Oil Company business in the first quarter hit 888,900 tonnes, up 11.6% against the 796,700 tonnes sold last year. That was boosted by the continued demand for domestic air travel in China, with passenger numbers at Bluesky airports rising 20.7% to 33.7 million in the first quarter.
For its Maomin Single Point Mooring business, a joint venture with China Petroleum & Chemical Coproration, known as Sinopec, sales volumes in the first quarter were 2.9 million tonnes. In the period, 18 vessels delivered crude oil to the SPM, compared to 17 in the quarter before.
In its trading business, sales volumes were up 82.2% to 92,400 tonnes in the first quarter, from 50,700 tonnes the year before.
The company expressed optimism on its outlook, saying that while the slowdown of growth in the Chinese economy will hit energy consumption levels, Fortune does not think it will materially impact the growing ownership of vehicles and air travel, which has been driving up demand for transport and aviation fuels.
Fortune Oil shares were up 0.4% to 9.72 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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