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China United Travel swings to loss in Q1

China United Travel Co. Ltd. said its first-quarter normalized net income was a loss of 6.8 million yuan, compared with income of 1.2 million 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 fell to negative 23.3% from 3.5% in the year-earlier period.

Total revenue decreased 9.3% year over year to 31.4 million yuan from 34.7 million yuan, and total operating expenses totaled 35.9 million yuan, compared with 36.1 million yuan in the year-earlier period.

Reported net income totaled a loss of 11.6 million yuan, or a loss of 2 fen per share, compared to income of 2.1 million yuan, or 1 fen per share, in the prior-year period.

As of April 26, US$1 was equivalent to 6.50 yuan.