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GreenTree total revenues increases 20.3% in Q2 and 21.7% in H1

08/23/2018| 6:45:25 PM| 中文

The occupancy rate was 82.6% in the second quarter of 2018, a decrease of 0.6% year-over-year. RevPAR was RMB 136 in the second quarter of 2018, representing a 4.6% year-over-year increase.

GreenTree Hospitality Group, a leading franchised hotel operator in China, today announced its unaudited financial results for the second quarter ended June 30, 2018.

Highlights

*  A total of 2,434 hotels with 201,275 hotel rooms GreenTree are in operation as of June 30, 2018, as compared to 2,354 hotels and 195,552 hotel rooms as of March 31, 2018. 

*  Total revenues increased 20.3% year-over-year from RMB 193.9 million for the second quarter of 2017 to RMB 233.4 million (USD 35.3 million) for the second quarter of 2018. Total revenues increased 21.7% year-over-year from RMB 360.2 million for the first half of 2017 to RMB 438.3 million (USD 66.2 million) for the first half of 2018.

*  Adjusted EBITDA (non-GAAP) increased 21.2% year-over-year from RMB 114.8 million for the second quarter of 2017 to RMB 139.2 million (USD 21.0 million) for the second quarter of 2018. Adjusted EBITDA (non-GAAP) increased 24.8% year-over-year from RMB 202.5 million for the first half of 2017 to RMB 252.8 million (USD 38.2 million) for the first half of 2018.

*  Core net income (non-GAAP) increased 24.7% year-over-year from RMB 88.9 million for the second quarter of 2017 to RMB 110.9 million (USD 16.8million) for the second quarter of 2018. Core net income (non-GAAP) increased 25.9% year-over-year from RMB 154.8 million for the first half of 2017 to RMB 194.8 million (USD 29.4 million) for the first half of 2018.

*  As of June 30, 2018, the company had a strong pipeline with a total of 477 hotels contracted for or under development. For the second quarter of 2018, the company opened 104 F&M hotels, compared to 97 hotels for the second quarter of 2017.

As of June 30, 2018, GreenTree had 26 leased-and-operated ("L&O") hotels and 2,408 franchised-and-managed ("F&M") hotels in operation in 267 cities across China, compared to 26 L&O hotels and 2,328 F&M hotels in operation in 266 cities as of March 31, 2018.

In the second quarter of 2018, the company opened 104 F&M hotels, 68 in the mid-scale segment, 5 in the business to mid-to-up-scale segment and 31 in the economy segment. Of the hotels opened, 7 hotels GreenTree are in Tier 1 cities, 22 in Tier 2 cities and the remaining 75 hotels in other cities in China, while the company closed a total of 24 F&M hotels in the quarter.

The average daily room rate, or ADR, for all hotels in operation, was RMB 164 in the second quarter of 2018, compared to RMB 156 in the second quarter of 2017, an increase of 5.1% year-over-year.

The occupancy rate for all hotels in operation was 82.6% in the second quarter of 2018, compared to 83.2% in the second quarter of 2017, a decrease of 0.6% year-over-year.

The revenue per available room, or RevPAR, was RMB 136 in the second quarter of 2018, representing a 4.6% year-over-year increase from RMB 130 in the second quarter of 2017.

As of June 30, 2018, GreenTree had approximately 24 million individual loyal members and over 930,000 corporate members, compared to approximately 22 million and over 860,000 respectively, as of March 31, 2018. During the second quarter of 2018, GreenTree sold approximately 95.4% of our room nights through our direct sales channels, including our individual loyal members and corporate members, while online travel agencies, or OTAs, only contributed approximately 4.6% of our room nights.

Revenue

Total revenues for the second quarter of 2018 GreenTree are RMB 233.4 million (USD 35.3 million), representing a 20.3% increase over second quarter 2017. Total revenues for the first half of 2018 GreenTree are RMB 438.3 million (USD 66.2 million), representing a 21.7% increase over first half of 2017. 

Total revenues from leased-and-operated hotels for the second quarter of 2018 GreenTree are RMB 49.7 million (USD 7.5 million), representing a 5.7% year-over-year increase. Total revenues from leased-and-operated hotels for the first half of 2018 GreenTree are RMB 93.9 million (USD 14.2 million), representing a 5.7% year-over-year increase. 

Total revenues from franchised-and-managed hotels for the second quarter of 2018 GreenTree are RMB 165.5 million (USD 25.0 million), representing a 23.3% year-over-year increase. Total revenues from franchised-and-managed hotels for the first half of 2018 GreenTree are RMB 309.4 million (USD 46.8 million), representing a 25.5% year-over-year increase.

Net income attributable to GreenTree Hospitality Group for the second quarter of 2018 was RMB 97.2 million (USD 14.7 million), or 41.7% of total revenues, compared to RMB 108.7 million, or 56.0% of total revenues, in the second quarter of 2017, a year-over-year decrease of 10.5%. Net income attributable to GreenTree Hospitality Group for the first half of 2018 was RMB 187.4 million (USD 28.3 million) compared to RMB 183.2 million in the first half of 2017, a year-over-year increase of 2.3%.

Guidance 

For the full year 2018, the Company expects growth in total revenues of 20-25% from 2017.

TAGS: GreenTree Hospitality | financial statement
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