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China Cyts Tours profit misses consensus by 74.5% in Q2

China Cyts Tours Holding Co. Ltd. said its normalized net income for the second quarter amounted to 6 fen per share, compared with the S&P Capital IQ consensus estimate of 24 fen per share.

EPS decreased 68.8% year over year from 19 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 43.6 million yuan, a decrease of 65.5% from 126.7 million yuan in the prior-year period.

The normalized profit margin fell to 2.8% from 4.7% in the year-earlier period.

Total revenue decreased 6.6% on an annual basis to 2.54 billion yuan from 2.72 billion yuan, and total operating expenses declined 5.2% year over year to 2.36 billion yuan from 2.49 billion yuan.

Reported net income declined 47.6% from the prior-year period to 97.7 million yuan, or 13 fen per share, from 186.6 million yuan, or 28 fen per share.

As of Aug. 5, US$1 was equivalent to 6.21 yuan.