SHANGHAI Jin Jiang International Hotels (Group) Co Ltd, China's largest hotel operator by market value, said yesterday profit rose 7.06 percent to 334.9 million yuan (US$42.94 million) last year.

Earnings per share reached 0.0997 yuan last year, as compared to 9.48 fen in 2005, the company said in a statement to the Hong Kong stock exchange. Revenue jumped 7.9 percent to 3.03 billion yuan.

The company, with star-rated hotels, budget hotels, franchising, restaurants, and other businesses, said its portfolio, including both those in operation and those under development, amounted to 277 hotels with about 54,000 rooms all across the country by the end of last year. The company proposes a dividend of 0.026 yuan per share.

The turnover of Jin Jiang Inn, the group's economy hotel brand, jumped 28.5 percent to 430.3 million yuan in 2006, mainly due to the opening of 22 new facilities in 2005 and 2006 as well as increasing franchising fees, the company said in the statement.

The company also said it plans to invest 160 million yuan to upgrade Jin Jiang Tower, one of the earliest luxury hotels in the city. The renovation, which started in the fourth quarter of last year, is scheduled to be completed by 2008 and is expected to substantially raise the average daily rate upon completion.

For this year, the company is planning more renovations for its hotels which have been in operation for decades. It will also further expand its budget inn network all across the country.

Source:佚名