China Yida Q1 Total Net Revenue Up
For the first quarter of 2010, the company posted a net income of $7.13m, or $0.37 per diluted share, compared to $4.97m, or $0.07 per diluted share, for the prior year period. Income from operations was $9.61m, compared to $6.68m for the year ago period. Gross profit was $11.87m, compared to $8.32m for the year ago period.
For the media business, the company expects 2010 organic growth of 5-10 percent in advertising revenues from FETV. The management expects that the high speed train will help bring more visitors to their tourism destinations in Fujian Province.
Chen Minhua, chairman and CEO of China Yida, said: “We are very pleased to report strong profitable growth for the first quarter of 2010, driven by the increase in visitors to our Great Golden Lake park, as well as higher advertising revenue from FETV, and revenue contribution from Hua'An Tulou and railway media.
“As we look to the future, we feel confident that our track record of execution, industry leading portfolio of tourism and media assets, and strong pipeline of new opportunities positions well to participate in the expected growth of the leisure industry in China.”
Will China Yida continue at same pace in Q2?
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