Universal Travel Group, a Chinese travel company, stated last week that it will be delaying the release of its 2010 earnings reports and that the conference call with the shareholders will have to be scheduled at a later date this year.

There had been speculations that there are irregularities in its accounting operations.

However, the travel company officials quickly doused the burning rumors, releasing a statement that the postponement had nothing to do with the aforementioned allocations.

The company statement added that the delay will allow them to coordinate with its independent auditors to finalize their work on the financial reports, audits and statements.

Universal Travel is based in Shenzhen, China. The company provides packaged tours, hotel reservations and tickets. Purchases can be made online or via customer service agents.

The announcement affected the performance of its shares recently, which fell by almost 20 percent.