Accor is a 2010 operating profit up
Accor announced Thursday an increase in its target operating profit in 2010 and has unveiled a new debt reduction target.
The fourth global hotel group, a rival giants InterContinental, Marriott and Hilton and Starwood, will report an operating profit of between 370 and 390 million euros this year, sharply up from 236 million recorded in 2009.
Accor, which has reported interim results up, also plans to reduce its adjusted net debt of 600 to 650 million euros in 2010.So far, the company had forecast a decline in its debt of 450 million over the year.
The group had announced in May a program of disposals of hotel assets for an amount of two billion euros over the period 2010-2013.
In the first six months of 2010, gross operating Accor rose 17.4% (13% on a comparable basis) to 833 million euros, showing the gross margin to 29.2%.
The operating profit marked a growth of 120% (109.3% on a comparable basis) to 154 million euros while sales in accordance with what was announced July 21 the company is progressing 4.7% on a comparable basis to 2.84 billion.
Accor publishes its first results since the demerger of its business prepaid, Edenred, July 2.
Accor announced Monday the sale of 48 hotels in Europe for 367 million euros. This decision follows the announcement in early July, the sale to Newrest 60% of its business catering on trains of the Compagnie des Wagons-Lits (CWL).
Accor is also preparing to separate from its 49% stake in the casino group Lucien Barriere.