China Aviation Oil (Singapore) Corp, which filed for creditor protection after a wrong-way bet on oil prices in 2004, said profit plunged 77 percent to US$38.3 million last year.

Profit in 2007 was boosted by the sale of a stake in a Spanish fuel supplier, China Aviation said in a statement to the Singapore Exchange yesterday. Excluding the one-time gain, net income rose 14 percent in 2008 from US$33.5 million in the previous year, China Aviation said.

(Shanghai Daily February 26, 2009)