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China United Travel Q4 loss narrows YOY

China United Travel Co. Ltd. said its normalized net income for the fourth quarter came to a loss of 2.6 million yuan, compared with a loss of 45.5 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 climbed to negative 8.0% from negative 154.5% in the year-earlier period.

Total revenue grew 10.3% year over year to 32.5 million yuan from 29.5 million yuan, and total operating expenses declined 53.1% year over year to 43.5 million yuan from 92.7 million yuan.

Reported net income came to a loss of 8.0 million yuan, or a loss of 2 fen per share, compared to a loss of 118.2 million yuan, or a loss of 27 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled 6 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 27 fen.

EPS was a loss of 19 fen in the prior year.

Normalized net income was 23.9 million yuan, compared with a loss of 83.6 million yuan in the prior year.

Full-year total revenue amounted to 88.3 million yuan, compared with 88.6 million yuan in the prior year, and total operating expenses declined 34.7% on an annual basis to 128.0 million yuan from 196.1 million yuan.

The company said reported net income came to 12.7 million yuan, or 3 fen per share, in the full year, compared with a loss of 165.9 million yuan, or a loss of 38 fen per share, the prior year.

As of Feb. 4, US$1 was equivalent to 6.56 yuan.