Chinese tourism companies report strong H1 earnings as travels picked up
COMPANY NEWS DATA
Chinese tourism companies report strong H1 earnings as travels picked up
COMPANY NEWS DATA

Chinese tourism companies report strong H1 earnings as travels picked up

 

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Chinese tourism companies reported strong earnings for the first half of the year as China’s tourism industry posted a strong rebound after the COVID-19 containment measures were lifted earlier this year.

China CYTS Tours Holding Co said that its interim net profit reached about 108 million yuan ($15.06 million), up 152.67% from a year earlier.

Changbai Mountain Tourism Co estimated a net profit of 12.25 million yuan, up 117.1% year-on-year. Lijiang Yulong Tourism Co projected a net profit of 110 million yuan to 130 million yuan. 

The 2023 summer travel performance is expected to exceed that of 2019. As of mid-June, the number of domestic family trips had surged by seven times from 2022, according to online travel platform Trip.com. 

China’s outbound flight capacity has recovered to more than 50% of the level in 2019, with Southeast Asia, the Middle East, Africa and Europe are popular destinations among Chinese tourists. Trip.com predicted that the number of visa applications this summer may surpass the level in the same period in 2019. 

According to data from Beijing’s entry-exit inspection authority in early July, 880,000 people crossed the Beijing customs checkpoints in June, up 25.7% from the previous month and hitting a monthly record high for 2023.