Net profit of Jin Jiang totals RMB 736m in three quarters
Jin Jiang Group’s subsidiaries Jin Jiang Hotels Development, Jin Jiang Investment, Jin Jiang Travel registered a total of RMB 736 million net profit in Q3 2016.
Hong Kong-listed Jin Jiang International Hotels Group (Jin Jiang Group) announced the financial results of its three subsidiaries on October 28. Subsidiaries Jin Jiang Hotels Development, Jin Jiang Investment and Jin Jiang Travel together registered a total of RMB 736 million net profit in the first three quarters of 2016.
According to the announcement, Jin Jiang Hotels Development recorded operating revenue of RMB 7.549 billion in the first three quarter of 2016, up by 83.55% YoY. Net profit rose 9.02% to RMB 506 million during the time.
Jin Jiang Investment’s operating revenue for the first nine months grew 7.33% YoY to RMB 1.719 billion and net profit increased 14.11% to RMB 178 million.
Jin Jiang Travel’s operating revenue dropped 17.68% to RMB 1.286 billion in January to September 2016 yet its net profit climbed 0.36% to RMB 52.17 million during the three quarters.
Jin Jiang Hotels Development completed its acquisition of just over 81% holding in Plateno Group in late February 2016. Plateno, which owns budget hotel brand 7 Days Inn, recorded operating revenue of RMB 2.144 billion from March to September 2016.
The company’s net income attributable to parent Jin Jiang Hotels Development during the period was RMB 90 million. As of September 30, Jin Jiang Hotels Development has 5,678 hotels with more than 550,000 guest rooms in operation, and 7,260 franchised hotels with over 720,000 rooms.
The Plateno hotel brands achieved average occupancy of 84.32% and average RevPAR of RMB 127.61 from March to September 2016. The brands of Vienna Hotels Group, in which Jin Jiang holds an 80% stake, posted an average occupancy rate of 89.54% and average RevPAR of RMB 233.59 in the third quarter of 2016.(Translated by Jerry)