China CYTS Tours Holding releases annual and quarterly reports

China CYTS Tours Holding Co. Ltd., a major travel service provider in the country, reported on Sunday a 4.53-percent year-on-year increase in 2010's net profit and a 23.9-percent year-on-year profit decrease in the first quarter of this year.
Its net profit stood at 265 million yuan (40.67 million U.S. dollars) in 2010 while the quarterly net profit from January to March moved down to 42.77 million yuan, it said in statements filed with the Shanghai Stock Exchange.
The Shanghai-listed company attributed 2010's profit increase to booming outbound travel and steady growth in domestic travel, saying that the quarterly decrease was caused mainly by unsettled payments in its property business, according to the statements.
Sales revenues dropped 1.73 percent to 6.08 billion yuan in 2010, it said in the annual report.
Outbound travel saw a 78-percent surge in 2010's revenues boosted by the rising yuan and the country's strong economic growth, while revenues from domestic travel rose 20 percent helped by events such as the Shanghai Expo, said the report.
Earnings per share rose 4.53 percent year on year to 0.64 yuan in 2010 and total company assets stood at 7.6 billion yuan, an increase of 34.55 percent over the same period of 2009, the report added.
According to the company's quarterly report, sales revenues rose 17 percent year on year to 1.3 billion yuan in the first three months of the year.
Outbound travel was up 10 percent year on year in the first quarter of the year while inbound travel fell 18 percent during the period due to the continuing European sovereign debt crisis, unrest in the Middle East and Japan's quake, it said.
The company expects profit jumps over the coming years fueled by the country's ambition of developing tourism into a pillar service industry.
Shares of China CYTS Tours rose 1.86 percent in Friday's trading to close at 16.4 yuan per share.
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