(Yicai) June 5 -- Tuniu has reported its first profit since the Chinese travel agency went public in 2014 thanks to the ongoing recovery in tourism.

Tuniu had a CNY21.9 million (USD3 million) net profit in the first three months of this year, compared with a net loss of CNY7.5 million (USD1.1 million) a year earlier and CNY132.9 million in the fourth quarter of last year, its financial report showed yesterday. 

Revenue surged 71 percent to CNY108 million (USD15.2 million), with income from package tours soaring 107 percent to CNY83 million.

Founder Donald Dunde Yu said the first-quarter results showed that Tuniu's “performance is gradually entering a path of healthy development.”

Revenue will likely reach between CNY114.9 million and CNY119.9 million for this quarter, up 15 percent to 20 percent from a year ago, the Nanjing-based firm said.

A share buyback program was approved by its board in March, allowing Tuniu to repurchase up to USD10 million of its ordinary shares or American depositary shares. It spent USD2.9 million buying back its own stock at the end of last month. 

Tuniu was set up in 2006 and listed in New York in May 2014. It offers group tours, do-it-yourself travel, self-driving tours, cruises, scenic spot tickets, corporate travel, flights, and hotels.

The firm’s shares [NASDAQ: TOUR] ended unchanged at USD1.11 each yesterday.

Editor: Martin Kadiev