Accor H1 net profit 596 mln eur, up 147.6 pct from yr earlier UPDATE |
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Wed, 29 Aug 2007 07:08
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(adds opg profit data, more guidance detail, July data)PARIS (Thomson Financial) - Hotel and business services group Accor said first half net profit was 596 mln eur, up 147.6 pct from a year earlier, amid good activity that it expects to continue in the second half.It projected full year pretax operating profit at 870-890 mln eur, up from 727 mln last year. The guidance was above some expectations, with Morgan Stanley having forecast that Accor would predict a range of 860-880 mln.Accor said revenue per available room in July was up strongly from a year earlier except in the US, with services sales in July up 12 pct on a like-for-like basis.First half pretax operating profit was 379 mln eur, up 34.4 pct from a year earlier, and up 31.5 pct on a like-for-like basis.Accor said its full year operating profit guidance takes into account marketing expenses related to the launch of new hotel brands and the recent disposal of Go Voyages, Red Roof Inns and the Italian cafeteria business.July revenue per available room in Europe rose 8.4 pct in the upscale and midscale segment and 7.8 pct in the economy segment, with France showing higher respective rises of 15 pct and 8.6 pct.In the US, revenue per available room dropped 0.4 pct in the economy segment.Sales, already reported, were 4.015 bln eur, up 8.8 pct.tfn.paris@thomson.commjs/cm2COPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Accor H1 net profit 596 mln eur, up 147.6 pct from yr earlier 