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Huazhu net revenue rises 15.9% to 3 million, net income up 44% in Q3

Date:2018-11-17 13:19Source: ReadingNumber: Times

Huazhu Group, a leading and fast-growing multi-brand hotel group in China, today announced its unaudited financial resul

Huazhu Group, a leading and fast-growing multi-brand hotel group in China, today announced its unaudited financial results for the third quarter ended September 30, 2018.

Operational Highlights

* A total of 4,055 hotels or 409,516 hotel rooms in operation as of September 30, 2018.

* Net revenues increased 15.9% year-over-year from RMB2,387.3 million to RMB2,767.6 million (US3.0 million) for the third quarter of 2018, exceeding high-end of Q3 revenue guidance (10.5%-12.5%).

* Income from operations increased 32.9% year-over-year from RMB583.1 million to RMB774.8 million (US2.8 million) for the third quarter of 2018. The operating margin year-over-year improved from 24.4% to 28.0%.

* Net income attributable to Huazhu Group Limited increased 44.0% year-over-year from RMB463.8 million to RMB667.8 million (US.2 million) for the third quarter of 2018.

* EBITDA increased 38.5% year-over-year from RMB841.3 million to RMB1,165.6 million for the third quarter of 2018. Excluding unrealized gains (losses) from fair value changes of equity securities and share based compensation, adjusted EBITDA (non-GAAP) increased 19.1% year-over-year from RMB845.2 million to RMB1,006.8 million (US6.6 million)for the third quarter of 2018.

* Huazhu provides guidance for Q4 2018 net revenues growth of 17%-19% year over year, and anticipates the full year net revenues growth at the high-end of guidance (18%-22%).

During the third quarter of 2018, Huazhu opened 235 hotels, including 30 leased (“leased-and-operated”) hotels and 205 manachised (“franchised-and-managed”) hotels and franchised hotels.

Huazhu closed a total of 83 hotels, including 5 leased hotels and 78 manachised and franchised hotels, during the third quarter of 2018. 

As of September 30, 2018, the Company had 698 leased hotels, 3,139 manachised hotels, and 218 franchised hotels in operation in 391 cities. The number of hotel rooms in operation totaled 409,516, an increase of 9.9% from a year ago.

Net revenues for the third quarter of 2018 were RMB2,767.6 million (US3.0 million), representing a 15.9% year-over-year increase and a 9.8% sequential increase. The year-over-year increase was primarily due to our hotel network expansion and improved blended RevPAR. The sequential increase was due to seasonality.

Net revenues from leased and owned hotels for the third quarter of 2018 were RMB2,052.6 million (US8.9 million), representing a 10.7% year-over-year increase and an 8.0% sequential increase.

Net revenues from manachised and franchised hotels for the third quarter of 2018 were RMB699.2 million (US1.8 million), representing a 33.2% year-over-year increase and a 13.5% sequential increase. Net revenues from manachised and franchised hotels accounted for 25.3% of the Company’s net revenues in the third quarter of 2018, up from 22.0% a year ago.

Other revenues represent revenues generated from other than hotel businesses, which mainly include revenues from Huazhu mall and the provision of IT products and services to hotels, totaling RMB15.8 million (US.3 million) in the third quarter of 2018.

ADR was RMB239 in the third quarter of 2018, compared with RMB218 in the third quarter of 2017 and RMB226 in the previous quarter. 

The occupancy rate for all hotels in operation was 90.7% in the third quarter of 2018, compared with 93.1% in the third quarter of 2017 and 89.6% in the previous quarter. 

RevPAR was RMB217 in the third quarter of 2018, compared with RMB203 in the third quarter of 2017 and RMB203 in the previous quarter. 

For all hotels which had been in operation for at least 18 months, the same-hotel RevPAR was RMB207 for the third quarter of 2018, representing a 4.2% increase from RMB199 for the third quarter of 2017, with a 6.7% increase in ADR and a 2.3-percentage-point decrease in occupancy rate. 

As of September 30, 2018, the Company’s loyalty program had approximately 118 million members, who contributed approximately 76% of room nights sold during the third quarter of 2018 and approximately 86% of room nights were sold through the Company’s own direct channels.

Guidance 

Huazhu expects net revenues for the fourth quarter to grow 17%-19% year-over-year. For the full year of 2018, the Company anticipates the net revenues growth to be at high-end of previous guidance (18%-22%). 

In 2019, Huazhu expects to accelerate the gross hotel opening to 800-900, about 75%-80% of which will be under midscale and upscale brands. The Company estimates to close 150-200 hotels in 2019.

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