China's biggest travel agency posts 7.86% rise in Q1 profit

BEIJING - China International Travel Service Ltd, the country's biggest travel agency, posted a 7.86-percent increase in profits in the first quarter of 2016.

Net profits stood at 696.76 million yuan ($107.36 million) from January to March, according to the company's quarterly report filed to the Shanghai Stock Exchange.

Revenues jumped 4.7 percent year on year to 5.23 billion yuan. Earnings per share was 0.71 yuan, compared with 0.66 yuan at the end of December, the report said.

The company's steady profit growth was attributed to the country's booming tourism industry, which is expected to rake in 4.55 trillion yuan this year, up 10 percent year on year, data from the China National Tourism Administration showed.