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Accor eyes higher 2015 profit despite Brazil, France

Thursday, July 30, 2015 - 13:18
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Accor, Europe's largest hotel group, on Thursday predicted its operating profit would rise further this year as restructuring efforts continue to pay off and despite still challenging economic conditions in France and Brazil.

[PARIS] Accor, Europe's largest hotel group, on Thursday predicted its operating profit would rise further this year as restructuring efforts continue to pay off and despite still challenging economic conditions in France and Brazil.

The world's fourth-largest hotel group company forecast 2015 operating profit of between 650 million (S$977.6 million) to 680 million euros, compared with 602 million reported in 2014.

First-half operating profit rose 8 per cent like-for-like to 263 million euros, broadly in line with the average estimate in a Thomson Reuters poll of 262 million.

The world's fourth-largest hotel group behind global rivals InterContinental, Marriott and Starwood is undergoing a reorganisation started two years ago by Chief Executive Sebastien Bazin.

REUTERS