France's Accor returns to profit

24th August 2011, Comments 0 comments

French hotel giant Accor said Wednesday it returned to profit in the first half of 2011 but cautioned that while it saw no change in its business at the moment it was watchful on the outlook.

The company, which runs a series of hotel changes, posted a net profit of 41 million euros ($59 million) in the six months to June, after a loss in first half 2010 of 15 million euros.

Operating profit rose 27.5 percent to 199 million euros, in line with analyst expectations, while sales increased 4.4 percent to 2.97 billion euros.

In morning trade, Accor shares were up 1.62 percent in a Paris market up 0.46 percent.

An Accor spokeswoman said the hotel group was keeping close watch on developments while reservations for September "were in line with expectations."

© 2011 AFP

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