GreenTree Hospitality Group Ltd. Reports First Quarter of 2024 Financial Results

Total revenues decreased 7.1% year over year to RMB352.2 million (US$48.8 million)[1]. Hotel revenues increased 8.8% year over year to RMB274.8 million.Income from operations was RMB72.2 million (US$10 million) compared to RMB52.3 million for the first quarter of 2023. Net income was RMB57.3 million (US$7.9 million) compared to RMB32.6 million for the first quarter of 2023.Adjusted EBITDA (non-GAAP)[2] increased 17.2% year over year to RMB109.4 million (US$15.2 million)[1].Core net income (non-GAAP)[3] incr ...