Home > > Fosun Tourism reports 60% drop in half-year gross profit, but sees significant growth in Club Med resorts in China

Fosun Tourism reports 60% drop in half-year gross profit, but sees significant growth in Club Med resorts in China

08/20/2021| 10:24:32 AM| ChinaTravelNews 中文

The business volume of Club Med reached RMB 1,367.6 million for the six months ended 30 June 2021, decreased by 64.2% on year-on-year basis.

Fosun Tourism said the business volume of its tourism operation decreased to RMB  2,433.8 million for the six months ended 30 June 2021 from RMB 4,190.5 million for the six months ended 30 June 2020, representing a year-on-year decrease of 41.9%. 

The revenues decreased to RMB 2,781.5 million for the six months ended 30 June 2021 from RMB 4,527.8 million for the six months ended 30 June 2020. 

Gross profit decreased to RMB 595.2 million for the six months ended 30 June 2021 from RMB 1,471.7 million for the six months ended 30 June 2020. 

Adjusted EBITDA decreased to RMB  negative 565.0 million for the six months ended 30 June 2021 from RMB 471.7 million for the six months ended 30 June 2020. 

Club Med 

The business volume of Club Med reached RMB 1,367.6 million for the six months ended 30 June 2021, decreased by 64.2% on year-on-year basis. The Business Volume of EMEA, the Americas and Asia Pacific decreased by 74.3%, 42.8% and 55.9% for the six months ended 30 June 2021, respectively, compared with the same period of 2020.

Business volume of Club Med resorts in China grew by 171.9% in the first half year of 2021 compared to the same period of 2020.

In July, China’s first Cook’s Home hotel was successfully contracted at Thai Woo Town, Chongli, Zhangjiakou. Fosun Tourism plans to further expand Casa Cook, Cook’s Club, Cook’s Home and other derivative brands (if any) worldwide, with not less than 30 hotels (including the hotels already opened) by the end of 2023.

In the first half of 2021, the operation of Atlantis Sanya still maintained a dynamic growth momentum. The number of visitors to Atlantis Sanya increased to approximately 2.6 million compared with 1.4 million in the same period of 2020. 

In the first half of 2021, the number of visits to the Waterpark and Aquarium reached 1.2 million and 0.6 million, respectively. 

The adjusted EBITDA of Atlantis Sanya for the first half of 2021 increased to RMB 410.9 million, representing an increase of 309.1% compared with the same period of last year. Its operations have brought steady profits to the Group.

Plans for new resorts

In early 2021, the company laid out a plan to open 16 new resorts by the end of 2023 of which eight resorts are in China. This plan was implemented on schedule in the first half of 2021. The new Exclusive Collection Seychelles resort opened in March 2021 and was fairly popular even during the Pandemic. Club Med Lijiang resort in Lijiang FOLIDAY Town will open in the upcoming autumn. Quebec Charlevoix resort and Changbaishan resort will open in the upcoming winter season. 

By 30 June 2024, 12 existing resorts worldwide are planned to complete renovation. By 2024, together with new opening and renovation, partially offset by the closure of obsolete resorts, we anticipate an increase of annual capacity by approximately 26% compared to that of 2019.

TAGS: Fosun Tourism | Club Med | Atlantis Sanya
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