CYTS H1 net profit up 10%

Updated: 2010-08-16 17:29
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BEIJING - China CYTS Tours Holding Co Ltd, a major travel service provider in the country, said Monday it's net profit in the first six months this year rose by more than 10 percent year-on-year to reach 117.2 million yuan ($17.2 million).

The Shanghai-listed company attributed the profit increase to booming outbound travel and returns from tourism related investments, it said in a statement filed with the Shanghai Stock Exchange.

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Revenues from inbound travel fell by 9 percent during the first half due to the European sovereign debt crisis and appreciation of the yuan, China's currency.

But outbound travel, in contrast, saw a 59-percent surge in revenues helped by the rising yuan and steadily improving domestic economy, the company said in the statement.

Earnings per share was 0.282 yuan, up 10.24 percent year-on-year.

Total company assets stood at 5.94 billion yuan by the end of June, an increase of 5.25 percent over the same period last year.

Shares of China CYTS Tours rose 1.34 percent in Monday's trading to close at 17.44 yuan per share amid a broad increase in travel-related shares over the last few months.