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GreenTree's revenues grow 20.1% to $35.1 million in Q1 2019

2019/5/25 10:31:32
GreenTree Hospitality Group, a leading franchised hotel operator in China, today announced its unaudited financial results for the first quarter ended March 31, 2019.

Highlights

A total of 2,829 hotels with 225,757 hotel rooms were in operation as of March 31, 2019, compared to 2,757 hotels and 221,529 hotel rooms as of December 31, 2018.

Total revenues increased 20.1% from the first quarter of 2018 to RMB235.3 million (US$35.1 million) for the first quarter of 2019.

Adjusted EBITDA (non-GAAP) increased 20.0% from the first quarter of 2018 to RMB133.9 million (US$19.9 million) for the first quarter of 2019.

Net income increased 58.8% from the first quarter of 2018 to RMB134.0 million (US$20.0 million) for the first quarter of 2019.

Core net income (non-GAAP) increased 18.0% from the first quarter of 2018 to RMB92.3 million (US$13.7 million) for the first quarter of 2019.

Basic and diluted net income per ADS were RMB1.33 (US$0.20) for the first quarter of 2019.

Basic and diluted core net income per ADS (non-GAAP) were RMB0.91 (US$0.14) for the first quarter of 2019.

As of March 31, 2019, the Company had a strong pipeline with a total of 481 hotels contracted for or under development. During the first quarter of 2019, the Company opened 101 F&M hotels and one L&O hotel, compared to 80 F&M hotels for the first quarter of 2018.

As of March 31, 2019, the Company had approximately 33 million individual loyal members (of which approximately 23 million are paid members) and over 1,320,000 corporate members, compared to approximately 29 million (of which approximately 21 million are paid members) and over 1,270,000 corporate members respectively, as of December 31, 2018.

The Company sold approximately 94.2% of its room nights through its direct sales channels, including its individual loyal members and corporate members.

Operational Highlights

As of March 31, 2019, GreenTree had 30 leased-and-operated ("L&O") hotels and 2,799 franchised-and-managed ("F&M") hotels in operation in 292 cities across China, compared to 29 L&O hotels and 2,728 F&M hotels in operation in 290 cities as of December 31, 2018. The geographical coverage of cities grew by 26 year-over-year, representing an increase of 9.8%.

The Company opened 101 F&M hotels and one L&O hotel, 44 in the mid-scale segment, 14 in the business to mid-to-up-scale segment, 44 in the economy segment. Of the hotels opened, 6 hotels were in Tier 1 cities, 20 in Tier 2 cities and the remaining 76 hotels in other cities in China, while the Company closed a total of 30 F&M hotels in the quarter.

As of March 31, 2019, the Company had a strong pipeline with a total of 481 hotels contracted for or under development.

The average daily room rate, or ADR, for all hotels in operation, was RMB162 in the first quarter of 2019, an increase of 3.9% year-over-year.

The occupancy rate for all hotels in operation was 78.1% in the first quarter of 2019, a decrease of 1.1% year-over-year.

The revenue per available room, or RevPAR was RMB127 in the first quarter of 2019, representing a 2.5% year-over-year increase.

Revenue
Author:管理员

Zhejiang Grand Hotel traffic info

Business zone:Wulin Square and nearby (city center)
Area:xiachengqu
Address:Zhejiang · hangzhou · xiachengqu - No. 595 Yan'an Road, Xiacheng District, Hangzhou, China