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Beijing Capital Tourism profits rise 41% on Olympics boom

By Zheng Lifei (chinadaily.com.cn)
Updated: 2009-03-18 16:14

Beijing Capital Tourism Co, a hotel management and travel services provider, reported a better-than-expected 41 percent jump in full-year net profit on Wednesday, driven by the Olympics-related business boom and improved management and cost-cutting measures.

Related readings:  Beijing sees record festival tourists   Beijing tourism 'bullish' during Spring Festival   Beijing hotels perform well during Olympics  Olympics stimulates higher-end Beijing tourism

Its net profits climbed to 172 million yuan ($25.15 million), or 0.75 yuan per share, on sales of 1.79 billion yuan, which was down a slight 1.5 percent from a year ago, the Shanghai-listed company said in its full-year earnings report.

The company, which also operates an exhibition business and develops tourism resorts, said the robust business during the Beijing 2008 Summer Olympics partly offset the negative impact on its business caused by the May 12 earthquake, the icy storm in South China and the global financial crisis.

Shares of the tour operator jumped 9.97 percent, or the daily limit, to close at 16.32 yuan in Shanghai trading on Wednesday.