(MENAFN- Qatar News Agency) ijing April 21 - The net profits of China International Travel Service (CITS) totaled 1.29 billion yuan about (210.19 million US dollars) in 2013 up 28.73% year on year. The company's revenue increased 8.15% from the previous year to 17.45 billion yuan last year over 60% of which was earned from the travel sector and the rest from souvenir sales according to the company's annual report filed with the Shanghai Stock Exchange (SSE). In breakdown the company's revenue from outbound travel increased 17.8% year on year. Revenues from inbound tourism by foreign travelers and from domestic tours dropped 37.28% and 8.75% respectively. CITS said the sharp decline of inbound tours was affected by the slow economic recovery in the US and European countries and the appreciation of China's currency the yuan according to China's (Xinhua) News Agency. By the end of 2013 the company's assets totaled 12.96 billion yuan up 45.14% year on year.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.