China Aviation Oil said on Friday that its net profit in the first quarter of this year fell by 54.6 percent on-year to 4.1 million U.S. dollars.

The company said in a statement that revenue fell by 34.8 percent to 655.6 million U.S. dollars in the first quarter of 2009 over the same period last year.

The company said the drop was mainly due to lower jet fuel prices in the first quarter of this year, adding that it will continue to take a cautious approach to its trading activities during the global downturn.

(Xinhua News Agency May 16, 2009)