Club Med owner Fosun Tourism narrows annual loss to $77 million in 2022

time:2023-03-27 17:22 author:ChinaTravelNews

Fosun Tourism, the travel service arm of Chinese conglomerate Fosun International, narrowed its annual loss from RMB 2,787 million (USD 405 million) in 2021 to RMB 532 million (USD 77 million) in 2022. Revenues for the past year rose nearly 49% to RMB 13.8 billion (USD 2 billion).

Revenues from resort and destination operations, accounting for over 75% of the company's total revenues in 2022, were RMB 10.4 billion, up from 6.1 billion in the previous year.

Despite the global spread of Omicron in 2022, the group recorded strong growth in EMEA and the Americas with the easing of pandemic-related travel restrictions in tourist source countries.

Fosun Tourism's France-headquartered resort unit Club Med posted more than RMB 12 billion (USD 1.75 billion) in business volume last year, an increase of 108.4% from 2021. Business in the EMEA and the Americas markets both exceeded pre-pandemic levels in 2019, whilst Asia Pacific decreased by 48.3% as most countries had their borders closed until early June.

The business volume of Club Med in Mainland China recorded RMB 405 million (USD 59 million) in 2022, still 2.3% higher than that of the same period in 2021, and recovered to 54.3% of that of the same period in 2019.

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