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Beibu Gulf Tourism swings to profit in Q1

Beibu Gulf Tourism Corp. Ltd. said its normalized net income for the first quarter amounted to 2.6 million yuan, compared with a loss of 300,540 yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 3.9% from negative 0.5% in the year-earlier period.

Total revenue grew 26.6% on an annual basis to 69.7 million yuan from 55.1 million yuan, and total operating expenses increased 21.0% from the prior-year period to 63.6 million yuan from 52.6 million yuan.

Reported net income totaled 3.2 million yuan, or 1 fen per share, compared to a loss of 1.6 million yuan, or a loss of 1 fen per share, in the year-earlier period.

As of April 30, US$1 was equivalent to 6.20 yuan.