BUSINESS China's tour operator giant CITS expects net profit growth in 2019

BUSINESS

China's tour operator giant CITS expects net profit growth in 2019

Global Times

08:31, January 12, 2020

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A pedestrian walks past a branch of China International Travel Service (CITS) in Shanghai. (Photo: IC)

China International Travel Service Corp. (CITS), a leading tour operator, expects to register a 50-percent net profit growth for last year, it said in a statement

Increase in net profit attributable to listed shareholders is expected to stand at 1.56 billion yuan (about 224.81 million US dollars) in 2019, the company said in a statement filed to the Shanghai Stock Exchange.

With the deduction for non-recurring gains and losses, the company's net profits attributable to listed shareholders are expected to increase by 799.46 million yuan in 2019, up 25 percent from the previous year, said the statement.

"The revenue and gross profit of CITS major duty-free stores have increased thanks to the growth in demand for duty-free goods," the company said in the unaudited statement.

In 2018, the company's net profit attributable to listed shareholders stood at 3.09 billion yuan with its earnings per share at about 1.59 yuan, according to the statement.


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