Accor Records Strong Growth in Profits
September 4, 2012 - Accor has said it will accelerate expansion plans after reporting a strong increase in profits for the first half of financial 2012.
The French hotel giant recorded a sharp 10.1 per cent like-for-like improvement in earnings before tax and interest, to €212 million, in particular thanks to the success of the asset management strategy.
Earnings before interest, taxes, depreciation, amortisation and rental expenses amounted to 30.7 percent of revenue, 0.4 of a percentage point more than the margin reported a year earlier.
Revenue advanced 3.6 per cent to €2.72 billion, excluding acquisitions and disposals, rising fastest in Latin America.
Accor forecast full-year earnings before interest and taxes will be between €510 million and €530 million.
Paris-based Accor also saw record expansion that added 20,700 new rooms, or 141 hotels, including through the previously reported deal with real estate group Mirvac.
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