Mar 18, 2019 (China Knowledge) - Fosun Tourism Group which owns the Club Med resort chain has managed to turn a profit for 2018 after going public in the same year on the Hong Kong stock exchange.
The company reported full-year profits attributable to shareholders of RMB 308.4 million up from a loss of RMB 196.5 million in 2017. Revenue also increased by 38% to RMB 16.3 billion during the same period.
Business volume from Club Med also increased by 8% last year with operating profits surging to 42%.
Fosun International had initially bought over Club Med for USD 1.07 billion in 2015 after a two-year takeover battle with the Chinese conglomerate looking to ride on China’s fast-growing tourism industry as a new revenue driver.
Fosun latter spun-off its tourism business including Club Med as Fosun Tourism which raised USD 428 million during its Hong Kong IPO last year in December after pricing at the bottom of its targeted price range.
Club Med currently operates in more than 40 countries with 42 resorts in Europe and the Middle East, 15 in Asia-Pacific and 12 in the Americas. Club Med first entered China in 2016 opening 6 locations in areas such as Sanya in Hainan and Yabuli in Heilongjiang which are popular tourist destinations in the country.
Last year, the company reported that 3.2 million tourists had visited its Atlantis Sanya luxury resort in Hainan.
Copyright © 2018 www.chinaknowledge.com
Send feedback or comments to: email@example.com
For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com
To access our page on Bloomberg, type CKFI