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Saturday, 1 April 2023, 11:56 HKT/SGT

Source: China Travel International Investment Hong Kong Limited
China Travel International's Consolidated Revenue of HK$3,032 Million in 2022
2023 starts strongly with an Above-average Rebound of Tourist Attractions and Related Operations

HONG KONG, Apr 1, 2023 - (ACN Newswire) - China Travel International Investment Hong Kong Limited ("China Travel International" or the "Company", together with its subsidiaries, the "Group") (Stock Code: 308) announced the audited annual results for the year ended 31 December 2022 (the "Period"). Continuously impacted by COVID-19, the Group recorded a consolidated revenue of HK$3,032 million for the Period, representing a 17% decrease compared with the previous year. Loss attributable to shareholders was HK$356 million; if excluding the impact of the HK$229 million gain on disposal of non-core businesses and non-recurring gain and loss in 2021, loss attributable to operation increased by HK$184 million compared to last year. The Board does not recommend payment of a final dividend for 2022.

Results highlights:
-- Consolidated revenue was HK$3,032 million and loss attributable to shareholders was HK$356 million;
-- The enhanced four core capabilities, namely investment, product enrichment, digitalization and operation, propel the Company into a faster-than-industry post-pandemic recovery, with Detian Scenic Spot and Shapotou Scenic Spot witnessing a record-high revenue;
-- The Group's financial position remained strong, with a debt-to-capital ratio of approximately 24%. The cash and bank balances amounted to HK$2,798 million

Affected by a year of rolling pandemic restrictions, the Group's total revenue from tourist attractions and related operations in 2022 was HK$2,368 million and the attributable profit was HK$29 million. The revenue from hotel operations was HK$469 million and the attributable profit was HK$17 million. The revenue from travel document and related operations was HK $117 million and the attributable loss was HK$0.42 million. Due to the suspension of cross-border bus and passenger ferry services, the revenue from passenger transportation operations was HK$52 million and the attributable loss was HK$169 million. The Group's financial position stays healthy, with cash and bank balances of approximately HK$2,798 million at the end of 2022. The Group maintained sufficient liquidity despite of the pandemic.

Leading tourism products led to a post-pandemic recovery better than industry average. Despite the external difficulties and challenges in 2022, the Group proactively took various measures to drive revenue growth and laid a solid foundation for sustainable development by continuously launching new products. In the first two months of 2023, the Group's revenue from tourist attractions and related operations exceeded that of the same period in 2019 and such recovery exceeded the industry average. Shapotou Scenic Spot, Detian Scenic Spot and Anji Resort led the rebound with a record-making revenue growth of 497%, 126% and 90% respectively, compared to the same period in 2019.

Core capabilities propels business development to the next level. Aiming to become a "first-class tourist destination investor, operator and service provider", the Group focuses on travel businesses in Mainland China and Hong Kong, and in Mainland China, focuses on acquiring and developing natural and cutural scenic spots and leisure resorts. By strengthening investment, product enrichment, digitalization and operation capabilities, the Group will meet the targets of developing world-class tourism destinations with renowned brand and major influence, achieving growth in scale and profit, and establishing a leading position in the industry. In mid-2023, the upgraded and advanced Shapotou Star Hotel phase II, the Diamond Hotel, will debut with an aim to become a new leading luxury desert resort. Additionally, Detian Scenic Spot's new "Sino-Vietnamese Street", an exotic retail market with dinning facilities, will increase per customer consumption. Lugu Lake Boutique Resort is under construction and will commence operation in January 2024. The Company and Zhen Hua Engineering Company Limited is jointly developing a mid-to-high end resort on Ambara Island, Maldives, which will benefit from growing demand and rising consumption among Asian tourists, especially Chinese tourists after the lifting of COVID-19 restrictions.

Promote sustainable and high-quality development through acquisition of quality projects which bring strategic resources and enhance brand influence. During the Period, the Company acquired 61.33% equity interest in Xinjiang Bairui, which focuses on the operation of boutique resorts near 5A and 4A scenic spots in Xinjiang. After renovating the existing rooms, the Xinjiang Tianshan corridor boutique resorts will commence operation in the first half of 2023. In January 2023, following its "asset-heavy and asset-light" development model, the Company established a joint venture with Changde City Development Group Co., Ltd. to develop the Taoxi Exploration Camp, a family destination, in 5A Changde Taohuayuan Scenic Area.

Existing assets will generate higher return after revitalisation. The conversion of the Hip Kee Godown (No. 3) land parcel in Hung Hom to hotel use significantly increased the land's value and development potential. The reconstructed 28-storey business hotel is expected to open in early 2024. The development and construction of the commercial complex locate in Baoan, Shenzhen are carried out in an orderly manner. In line with its strategy, the Company is actively considering further revitalization and optimization of other inefficient assets.

Looking ahead to 2023, the external economic environment remains complex and volatile. However, with the reopening of border between Hong Kong and Mainland China and the relaxation of pandemic prevention and control measures, the tourism industry and market confidence have rebounded. The Company will seize the opportunities and enhance its asset mix, acquire new resources, create leading products so as to improve performance and create greater value for shareholders.

About China Travel International Investment Hong Kong Limited
With its strategy of becoming "a first-class tourist destination investor, operator and service provider", the Group focuses on the development of tourist destinations and is committed to controlling core resources and integration of the tourism industry value chain. The principal business activities of the Group include operations of travel destinations (including hotels, theme parks, natural and cultural scenic spots, leisure resorts and tourism real estate), travel documents and related operations, and passenger transportation operations.

Topic: Press release summary
Source: China Travel International Investment Hong Kong Limited

Sectors: Travel & Tourism
From the Asia Corporate News Network

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