China's leading hotel group BTG says profits more than doubled in 2016

BEIJING — China's leading hotel group BTG Hotels said Sunday that its net profits climbed 110.66 percent year-on-year to 210.94 million yuan ($30.57 million) in 2016.

The Beijing-based hotel group registered 389.4 percent increase in operating revenue to 6.52 billion yuan last year.

The group's operating revenue from its hotel business totaled 6.15 billion yuan, accounting for 94.3 percent of the total, up from 73.34 percent in 2015, it said in a statement to the Shanghai Stock Exchange.

BTG Hotels attributed its substantial growth last year to the expanded operation scale resulting from a merger with Homeinns Hotel, which contributed 5.22 billion yuan in operating revenue.

The company took over its domestic rival Homeinns Hotel for 11 billion yuan and the deal was completed in April 2016. By the end of last year, the group had more than 3,400 hotels.

Share prices of BTG Hotels surged 5.07 percent to 29.2 yuan on Friday.