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China United Travel Q1 loss narrows YOY

China United Travel Co. Ltd. said its first-quarter normalized net income was a loss of 2.6 million yuan, compared with a loss of 7.1 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 climbed to 3.5% from negative 19.7% in the year-earlier period.

Total revenue fell on an annual basis to 34.7 million yuan from 36.0 million yuan, and total operating expenses declined 11.2% from the prior-year period to 36.1 million yuan from 40.6 million yuan.

Reported net income totaled 2.1 million yuan, or 1 fen per share, compared to a loss of 10.8 million yuan, or a loss of 3 fen per share, in the prior-year period.

As of April 29, US$1 was equivalent to 6.20 yuan.