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Compagnie des Alpes annual profits rise, keeps sights on China
December 13, 2016 / 6:37 AM / a year ago

Compagnie des Alpes annual profits rise, keeps sights on China

PARIS, Dec 13 (Reuters) - French ski resorts operator Compagnie des Alpes posted higher annual profits and said it needed powerful partners to accelerate its expansion abroad, notably in China.

“The group wants to seize the opportunity of the development of the leisure and ski businesses in Europe and in new territories, notably China,” the group said in a statement.

Compagnie des Alpes (CDA) operates 11 ski resorts in France and 13 leisure parks in Europe, including Parc Asterix and the Grevin waxworks museum in Paris.

The group told Reuters last month it was hopeful it could secure fresh investment by the end of the year as it discusses selling a stake to Chinese conglomerate Fosun and other potential investors.

Compagnie des Alpes has said that Fosun’s stake would not exceed 10 percent and a source close to the matter has said that British buyout firm Permira was also among potential investors but that no deal has yet been reached.

Operating profits rose 9.2 percent to 73.1 million euros ($77.51 million) in the twelve months ended September 30.

There were “good signs” for the current 2016/17 year with ski resorts bookings to date “slightly ahead” of last year’s level thanks to early snowfall in November, while business at the leisure parks was above that of last year, the company added.

$1 = 0.9431 euros Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta

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