News blog International Holdings Ltd

  • BY: Andrew Hore |
  • POSTED: 21/10/2009 |

Travel company International Holdings Ltd reports a bumper holiday week in China.

Package tour subsidiary GZL more than doubled its revenues for this year’s Golden Week holiday around China’s National Day on 1 October. This year the period included an extra day’s holiday for the 60th anniversary of the People’s Republic.

GZL handled 59,000 customers, up 23% on the year, while revenues grew 124% to RMB78.3m (£7m). Travel restrictions to Hong Kong and Macau were eased.

To put this in perspective, in one week GZL, which is just one part of Et-China, generated nearly one-tenth of the revenues generated by the whole group in the first half of 2009 – which itself include the Chinese New Year holiday.

Chief executive Matthew Ng says that Chinese consumers are regaining confidence. The prospects for the second half of 2009 and 2010 are positive, helped by the Shanghai World Expo and the Guangzhou Asian Games.

At 36p a share, Et-China is valued at £11.9m.

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