Universal Travel Group Q1 2010 Profit Up 21% YoY
PRNewswire-Asia, 5/11/10
Chinese online and offline travel services provider Universal Travel Group (NYSE: UTA) has announced its financial results for the first quarter ended March 31, 2010, with total revenue up 68.5% YoY to USD 26.1 mln.
In March 2010, Universal Travel Group completed the acquisitions of Huangshan Holiday Travel Service Co., Ltd. ("Huangshan Holiday"), Hebei Tianyuan International Travel Agency Co., Ltd. ("Tianyuan"), and Zhengzhou Yulongkang Travel Agency Co., Ltd. ("Yulongkang"). The revenue contribution from these three newly acquired subsidiaries in the first quarter of 2010 was USD 5.3 mln, or 20.2% of total revenues for the quarter. Excluding the contribution of these newly acquired businesses, revenue for the first quarter of 2010 was USD 20.8 mln, an increase of 34.5% from USD 15.5 mln in the same period last year.
Revenue from air-ticketing was USD 4.4 mln, compared to USD 2.8 mln for the same period last year, an increase of 61.3%.
Revenue generated by Universal Travel Group's hotel reservation segment was USD 3.2 mln compared to USD 2.5 mln for the same period in 2009, an increase of 25.2%.
Revenue generated by package tours was USD 18.5 mln compared to USD 10.2 mln for the same period in 2009, an increase of 81.0% from the same period last year.
Net income from continuing operations rose 20.6% YoY to USD 4.1 mln from USD 3.4 mln in Q1 2009.
For full year 2010, Universal Travel Group reiterates its previously issued guidance of achieving a growth rate range of between 45% and 55% in both revenues and net income, excluding the effect of non-cash charges related to the change in fair value of derivative liabilities and stock-based compensation.
For Universal Travel Group's full report, click here.
Keywords: online travel guidance hotel Internet profit revenue Universal Travel Group Q1 2010 UTA fiscal report
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