Chinese hotel management firm GreenTree Hospitality Group reported its unaudited financial results for the third quarter ended September 30, 2019.
A total of 3,102 hotels with 245,705 hotel rooms in operation as of September 30, 2019, compared to 2,955 hotels and 236,557 hotel rooms as of June 30, 2019.
Total revenues increased 20.1% to RMB 292.1 million (USD 40.9 million) for the third quarter of 2019. Total revenues increased 20.6% to RMB 802.4 million (USD 112.3 million) for the first nine months of 2019.
Net income decreased 28.4% to RMB 102.2 million (USD 14.3 million) for the third quarter of 2019. Net income increased 13.1% to RMB 363.2 million (USD 50.8 million) for the first nine months of 2019.
ADR for all hotels in operation was RMB 174 in the third quarter of 2019, an increase of 4.2% year-over-year.
Occupancy rate was 85.9% in the third quarter of 2019, compared with 87.2% in the third quarter of 2018.
RevPAR, which is calculated by multiplying our hotels' ADR by its occupancy rate, was RMB 149in the third quarter of 2019, representing a 2.7% year-over-year increase.
As of September 30, 2019, the Company had a total balance of cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposit of RMB 2,060.5 million (USD 288.3 million).
The Company expects total revenue for the full year 2019 to grow 20%-25% from 2018.