CYTS, a travel management company that offers city tours with China, reported in its interim results for the first half of 2017 that operating revenue dropped 4.31% to RMB 4.761 billion and net profit attributable to shareholders of the listed company increased 9.02% to RMB 347 million.
Travel products made RMB 1.652 billion in operating revenue, down 12.68%; integrated marketing services clocked RMB 886 million, down 17.08%; hotels rang in RMB 197 million, up 12.81%, and attractions netted RMB 784 million, up 11.38%.
Integrated marketing business
The decline in integrated marketing business, with 30% drop in net income, was attributed to changes in the overall market environment and in major project cycle in the MICE industry.
Attractions business
Wuzhen ancient town
CYTS attraction Wuzhen, a heritage town south of Yangtze River, achieved operating revenue of RMB 784 million, up 11.38%, and net profit grew by 20.94% to RMB 461 million. The town received 5.1262 million visitors during the period, an increase of 7.28%.
Beijing W-Town
Beijing W-Town, a unique northern holiday town at the foot of Simatai Great Wall, maintained rapid growth and handled 1.1972 million tourists, an increase of 28.02%. Total operating revenue was RMB 434 million, up 42.62%.
Hotel business
Operating revenue from the hotel business totaled RMB 197 million, representing an increase of 13% over the same period last year, and net income grew 175% YoY to RMB 11.4865 million.
