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UTour Group swings to profit in Q4

UTour Group Co. Ltd. said its normalized net income for the fourth quarter came to 23.5 million yuan, compared with a loss of 4.2 million yuan in the year-earlier period.

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

The normalized profit margin increased to 0.8% from negative 0.2% in the year-earlier period.

Total revenue grew 60.1% on an annual basis to 2.81 billion yuan from 1.76 billion yuan, and total operating expenses increased 57.1% on an annual basis to 2.78 billion yuan from 1.77 billion yuan.

Reported net income rose year over year to 51.1 million yuan, or 6 fen per share, from 4.3 million yuan, or 0 fen per share.

For the year, the company's normalized net income totaled 21 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 31 fen.

EPS rose 5.3% from 20 fen in the prior year.

Normalized net income was 173.8 million yuan, a rise from 166.1 million yuan in the prior year.

Full-year total revenue increased 19.2% from the prior-year period to 12.05 billion yuan from 10.10 billion yuan, and total operating expenses increased 19.7% year over year to 11.70 billion yuan from 9.78 billion yuan.

The company said reported net income grew 8.3% year over year to 232.6 million yuan, or 28 fen per share, in the full year, from 214.9 million yuan, or 26 fen per share.

As of April 13, US$1 was equivalent to 6.27 yuan.