China Aviation Oil (Singapore) Corp, which sought protection from creditors in 2004 after a trading scandal, said 2006 profit rose more than tenfold after a one-time waiver of debt under its restructuring plan.

Net profit rose to S$369 million (US$241 million), or 61.69 Singapore cents a share, from S$29.4 million, or 15.27 cents, a year earlier. Sales rose to S$2.9 billion in 2006 from S$20.7 million, the company said in a statement to the Singapore Stock Exchange on Feb. 27, according to Bloomberg News.

Creditors waived S$312 million in debt after receiving shares in the company last year. Profit without the one-time gain almost doubled to S$57 million. China Aviation Oil said it is proposing a dividend of two cents a share for stockholders.

China Aviation Oil said it resumed buying jet fuel directly from suppliers in June 2006 enabling the company to record sales as revenue. Before that, it only received commission for procuring jet fuel while it was undergoing restructuring.

The company sold 4.6 million metric tons of jet fuel in 2006, a 53 percent increase from 3.04 million tons in 2005. Gross profit from jet fuel procurement rose 31 percent to S$22.4 million, the company said.