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Fosun Tourism's half-year revenues rise 35.9% to RMB 9,062.7 million

2019/8/25 16:11:40
Fosun Tourism Group (also known as “FOLIDAY”), a major part of Fosun’s Happiness Ecosystem today announces its interim results for the six months ended 30 June. 2019.
The business volume of resorts and destination operations and tourism and leisure services and solutions (collectively as “tourism operation”), at constant exchange rate, increased by 10.7% from RMB6,893.3 million for the six months ended 30 June 2018 to RMB7,629.4 million for the six months ended 30 June 2019, reached a record high in the last five years.
The revenues increased by 35.9% from RMB6,667.4 million to RMB9,062.7 million on a year-over-year basis compared with the same period last year.
Gross profit increased from RMB1,798.5 million for the six months ended 30 June 2018 to RMB3,015.7million for the six months ended 30 June 2019.
Adjusted EBITDA increased from RMB425.0 million for the six months ended 30 June 2018 to RMB1,994.2 million for the six months ended 30 June 2019 with adjusted EBITDA margin leveraged to 22.0%.
Profit attributable to equity holders was turned around with a net profit amounted to RMB490.0 million for the six months ended 30 June 2019 against a net loss of RMB254.5 million for the six months ended 30 June 2018 with significant contribution of profit attributable from tourism operation.
The resort business, which is operated under Club Med brand, has demonstrated a dynamic growth for the six months ended 30 June 2019. The business volume reached RMB6,929.8 million, increased by 5.0% on year-over-year and like-for-like basis. The business volume of EMEA, Americas and Asia increased by 1.4%, 14.3% and 7.9% for the first half of 2019, respectively, compared with the same period of last year. Certain key information with respect to the resort business is set out below:
The loyalty programs include global Club Med Great Member loyalty program and Foryou Club membership system which has integrated members from various of brands in the FOLIDAY ecosystem, including but not limited to members of Atlantis\ Sanya, Club Med’s Great Members from China, FOLIDAY application and other members from various activities and services it provides. Foryou club was not only integrated with Fosun International’s Youle Customer Loyalty Program, but also interacted with other strategic partners for membership benefits, including Alipay members. As of 30 June 2019, Foryou Club has accumulated approximately 3.5 million members with the average monthly purchase by the members of approximately RMB7.5 million for the first half of 2019.
Resorts and destination operations revenue increased by 12.1% from RMB5,396.3 million for the six months ended 30 June 2018 to RMB6,052.0 million for the six months ended 30 June 2019.
Resort revenue increased by 3.8% year-over-year, from RMB5,179.8 million to RMB5,378.8 million for the six months ended 30 June 2018 and 2019.
Operation of Atlantis\ Sanya posted revenue growth of 220.2% to RMB656.0 million for the six months ended 30 June 2019. Atlantis\ Sanya had its soft opening in February 2018 and official opening in April 2018 and recorded operation revenue of approximately RMB204.9 million for the six months ended 30 June 2018.
Tourism-related property sales and construction services: Revenue increased by RMB1,747.8 million, amounted to robust RMB1,766.5 million for the six months ended 30 June 2019 compared with RMB18.7 million for the same period of last year.
Tourism and leisure services and solutions: Revenue of tourism and leisure services and solutions increased from RMB1,252.8 million to RMB1,304.0 million year-over-year.
Cost of revenue increased by 24.2% from RMB4,868.9 million for the six months ended 30 June 2018 to RMB6,047.0 million year-over-year, which was in line with revenue growth.
Gross profit in the first six months of 2019 was RMB3,015.7 million compared with RMB1,798.5 million during the same period of 2018, up 67.7% year-over-year.
Fosun Tourism Group had a net gain of RMB3.4 million in the first six months of 2019 and a net gain of RMB39.5 million in the same period last year.
The selling and marketing expenses grew by 3.1% from RMB1,167.7 million in the first six months of 2018 to RMB1,203.4 million in the same period of 2019, mainly due to increase in commission expenses, more advertising and promotion activities regarding resorts operation, which was partially offset by opening ceremony expenses decrease of Atlantis\ Sanya.
Resorts: Operating profit increased from RMB436.7 million in the first six months of 2018 to RMB561.3 million in the same period of 2019.
Tourism destinations: Operating profit/(loss) changed from operating loss of RMB361.0 million for the six months ended 30 June 2018 to operating profit of RMB762.3 million for the same period in 2019.
Services and solutions in various tourism and leisure settings: Operating loss for the first six months ended 30 June 2019 was RMB33.0 million compared with operating profit of RMB2.5 million for the same period in 2018.

Yueda Financial City International Hotel

No. 322 Middle of Huangpu Avenue,Tianhe District,Guangzhou,Guangdong