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China United Travel swings to profit in Q2

China United Travel Co. Ltd. said its second-quarter normalized net income was 8 fen per share, compared with a loss of 2 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 35.8 million yuan, compared with a loss of 9.1 million yuan in the year-earlier period.

The normalized profit margin climbed to 302.2% from negative 68.3% in the year-earlier period.

Total revenue fell 20.8% on an annual basis to 10.6 million yuan from 13.4 million yuan, and total operating expenses grew 6.1% on an annual basis to 26.2 million yuan from 24.7 million yuan.

Reported net income totaled 37.8 million yuan, or 9 fen per share, compared to a loss of 15.8 million yuan, or a loss of 4 fen per share, in the prior-year period.

As of Aug. 6, US$1 was equivalent to 6.21 yuan.