CITS 2009 net profit surges on lower operating costs

Updated: 2010-04-28 17:04
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China International Travel Service Co Ltd (CITS), the country's largest travel agency, said Wednesday its annual net profit rose 41.37 percent last year on lower operating costs and expanded markets.

Net profits hit 312.75 million yuan ($45.8 million) last year on revenue of 6.1 billion yuan, which was up 4.23 percent from 2008, said its annual report filed with the Shanghai Stock Exchange (SSE).

Earnings per share rose 29.41 percent to 0.44 yuan.

Last year was the most challenging year for the development of the Chinese tourism industry since 2000, said the report.

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But with staff efforts to lower operating costs, expand markets and launch new products, the company succeeded in boosting earnings in its main businesses.

The Beijing-based company said its inbound travel business picked up in 2009, but had yet to return to the pre-financial crisis level.

The company's first quarter net profit rose 82 percent from a year earlier to 109.36 million yuan, the company said in a separate statement filed with the SSE.

The company's A-shares rose 5.31 percent to 19.83 yuan Wednesday.