Yulong's tourism revenue surges in 2011
Updated: 2012-03-27 11:08
Lijiang Yulong Tourism (002033) realized total revenues of 555.29 million yuan ($88.00 million), 48.64 percent higher than in 2010, with a net profit of 117.02 million yuan. Citing the company's 2011 annual report released on March 22, this displays a year-on-year increase of 158.81 percent. The company also announced cash dividends of 1.5 yuan (including tax) for every 10 shares held.
Yunnan province's tourism industry hit a record high in 2011 with 167 million tourists, 18 percent higher than in 2010. Their total tourism revenue was more than 130 billion yuan, 30 percent higher than in 2010.
Yulong attributes the surge in performance to the consistent growth of its ropeway business and the acquisition of a 51 percent stake in Lijiang Impression Travel.
The ropeway has attracted 2.68 million tourists, a year-on-year increase of 745,100 tourists with a revenue of 195.69 million yuan, exhibiting a year-on-year increase of 84.71 percent.
The Lijiang Impression Travel generated a net profit of 97.56 million yuan in 2011 and the 51 percent stake enabled Yulong tourism to obtain profits of 49.76 million yuan, accounting for 42.52 percent of Yulong's net profit in 2011.
The Yulong tourism performance in 2011 can also be attributed to its hotel business with a net profit of 7.71 million yuan and its subsidiaries' investment in maca planting and the bioindustry.