Greentree Hospitality Group (GHG) has released an update.
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Greentree Hospitality Group Ltd. experienced a downturn in the second quarter of 2024, with total revenues falling by 20.5% to roughly $45.4 million compared to the previous year. The company’s net income also declined to approximately $8.6 million, a significant drop from the same quarter in 2023, despite a slight 2.4% increase in core net income. Operational adjustments included expanding franchised street stores in the restaurant sector and upgrading hotels to remain competitive.
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