(Bloomberg) -- Fosun International Ltd.’s subsidiary, Shanghai Yuyuan Tourist Mart Group Co., reported a 202.9% surge in first-quarter net profit, driven by a significant increase in revenue.
"The robust growth reflects the strong recovery in our consumer segments," a company spokesperson said in the earnings release.
Net profit attributable to shareholders for the three months ended March 31 reached RMB157 million ($21.7 million), compared to the same period last year. Operating revenue for the quarter was RMB9.649 billion, a 9.9% increase year-over-year. The company did not disclose guidance for the upcoming quarter.
The strong earnings report from Yuyuan, which is listed on the Shanghai Stock Exchange, could provide a boost to its parent, Fosun International, which is traded in Hong Kong. Investors will be watching Fosun's upcoming earnings call for further details on the performance of its various segments.
This article is for informational purposes only and does not constitute investment advice.
