The Singapore unit of China's major jet fuel provider China Aviation Oil Group has recovered from losses, according to company sources.

From 2006 to 2007, the Singapore unit made US$69.7 million of profits through the oil business and returns on other investments, the company's General Manager Sun Li said yesterday.

The Singapore-listed company also paid off debts four years in advance and issued high dividends, Sun said.

The company purchased 8.9 million tons of aviation oil from 2006 to 2007.

The company's former chief executive officer Chen Jiulin was jailed for four years and three months and fined 335,000 Singapore dollars (US$207,443) after pleading guilty to cheating, false reporting and insider trading.

The company lost over US$500 million to his speculative trading in 2004.

This dealt a huge blow to the company and raised central government concern over overseas management of state-owned assets.

Sun said the group supplied a record 14.51 million tons of aviation oil and other oil products last year.

It ensured the aviation oil supplies for 90 percent of China's airlines, the company said.