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[Travel News]: Upscale hotel group New Century reports 17% revenue decrease in 2020

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The following is the [Travel News]: Upscale hotel group New Century reports 17% revenue decrease in 2020 from [ChinaTravelNews] recommended by TheTourAttraction.com:

The RevPAR of mid-scale full service hotels was RMB181.5 in the second half of 2020, representing an increase of 88.5% from RMB96.3 of the first half of 2020.

Zhejiang New Century Hotel Management reported that the Group’s revenue for the year ended 31 December 2020  was approximately RMB1,597.7 million, decreased by approximately 17.1% from approximately RMB1,928.0 million in the corresponding period of 2019.

The Group’s earnings before interest, tax, depreciation and amortization (“EBITDA”) for the year ended 31 December 2020 decreased from approximately RMB741.9 million in the corresponding period of 2019 to approximately RMB563.3 million, representing a decrease of 24.0%. The EBITDA rate for the year ended 31 December 2020 decreased from approximately 38.5% in 2019 to approximately 35.3%.

The Group’s gross profit for the year ended 31 December 2020 was approximately RMB334.6 million, decreased by approximately 40.8% from approximately RMB565.0 million in the corresponding period of 2019. The gross profit margin for the year ended 31 December 2020 was approximately 20.9%, decreased by approximately 8.4 percentage points from approximately 29.3% in the corresponding period of 2019.

The Group’s net profit for the year ended 31 December 2020 was approximately RMB26.6 million, decreased by approximately 87.0% from approximately RMB205.0 million in the corresponding period of 2019.

During the year ended 31 December 2020, the profit and total comprehensive income attributable to owners of the Company was approximately RMB19.7 million, decreased by approximately 90.3% from approximately RMB202.4 million in the corresponding period of 2019.

Due to the aforementioned impact of the pandemic, the occupancy rate and average room rate of all types of hotels have declined significantly. As the impact of the pandemic relatively eased in the second half of 2020, the RevPAR of all types of hotels rebounded significantly in the second half of 2020 and reached the combined annual levels for each type of hotels as set out above. Among which, the RevPAR of upscale business hotels was RMB239.9 in the second half of 2020, representing an increase of 103.8% from RMB117.7 in the first half of 2020.

The RevPAR of upscale resort hotels was RMB351.8 in the second half of 2020, representing an increase of 89.8% from RMB185.4 of the first half of 2020.

The RevPAR of mid-scale full service hotels was RMB181.5 in the second half of 2020, representing an increase of 88.5% from RMB96.3 of the first half of 2020.

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