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August 24, 2011

Accor reports net profit rise for H1 2011

French hotel group Accor posted a net profit of €41m for the first half of 2011 compared with a loss of €15m during the same period last year. Accor's consolidated revenue for the period increased by 4.4% to €2.97bn on a reported basis and 5.8% like-for-like compared w

By cms admin

French hotel group Accor posted a net profit of €41m for the first half of 2011 compared with a loss of €15m during the same period last year.

Accor’s consolidated revenue for the period increased by 4.4% to €2.97bn on a reported basis and 5.8% like-for-like compared with the same period last year.

Consolidated earnings before interest, taxes, depreciation, amortisation and restructuring or rent costs increased by 9.7% to €897m like-for-like compared with the first half of 2010.

In the upscale and mid-scale segment, revenue increased by 5.2% and 6% like-for-like, fuelled by an increase in average room rates.

Revenue from economy hotels excluding the US rose by 5.8% and 6.4% like-for-like, driven mainly by occupancy rates.

Accor opened approximately 13,700 rooms in the first six months of 2011 and plans to have a total of 30,000 new rooms for the full year.

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