Universal Travel Group 3Q Profit Edges Up 2 Pct

NEW YORK (AP) — Universal Travel Group, a Chinese travel services provider, said Monday its profit edged 2 percent higher in the third quarter, as stronger travel demand helped lift sales.

The company said it earned $4.7 million, or 31 cents per share, compared with $4.6 million, or 37 cents per share, in the same quarter last year.

Excluding non-cash charges, the company earned 38 cents per share.

Sales rose nearly 50 percent to $29.8 million. The company said it experienced growth in all three of its business segments: air ticketing, hotel reservations and package tours.

The company said it remains optimistic about its business prospects as the Chinese leisure industry continues to grow. It said it expects full-year sales of between 88 million and 96 million, up from $76.8 million a year ago.

It expects net income of $1.20 per share for the year.

U.S.-traded shares of Universal Travel fell $2.03, or 14.5 percent, to $11.89 in afternoon trading.