LN Holdings’ net profit rises 30.82% in third quarter
LN Holdings’ operating revenue increased 3.98% to RMB 82.69 million in the third quarter of 2016. Net profit was RMB 7.85 million, up by 30.82% YoY.
Guangzhou-based hospitality and tourism enterprise LN Holdings posted operating revenue of RMB 220 million in the first three quarters of 2016, down by 2.31% YoY. Net profit attributable to the listed company’s stakeholders dropped 1.47% to RMB 29.11 million.
In the third quarter, the company’s operating revenue was RMB 82.69 million, 3.98% more than the same period of 2015. Net profit attributable to the listed company’s shareholders for the quarter climbed 30.82% to RMB 7.85 million.
Shenzhen-listed LN Holdings announced on August 25, after trading suspension for more than four months, that the company would acquire 90.45% shares of Guangzhou-based tour operator GuangZhiLv for RMB 1.071 billion, as well as taking full ownership of LN Garden Hotel in Guangzhou for RMB 1.525 billion and acquiring Guangzhou China Hotel in full for RMB 841 million.
The company also announced that it planned to raise no more than RMB 1.5 billion through a private placement by issuing shares to its stakeholders Guangzhou State-owned Assets Development Holdings, Guangzhou Securities, Guangzhou Finance Holdings and LingNan Group. (Translated by Jerry)