Accor raises 2010 profit target to 440 mn euros

19th January 2011, Comments 0 comments

French hotel giant Accor on Wednesday increased its 2010 profit target to 440 million euros ($593 million) after reporting an 8.4 percent increase in revenue to 5.9 billion euros.

The company which runs the Sofitel, Novotel and Formula1 hotel chains had previously been targeting 400 to 420 million euros in 2010 earnings.

Accor, which posted a profit of 236 million euros in 2009, is set to release its 2010 earnings on February 23.

"Thanks to the favourable trend in the hotel cycle, consolidated revenue enjoyed sustained growth that accelerated in the second half," the company said in a statement.

Hotel revenue rose by 9.8 percent (7.4 percent on like-for-like basis) to 5.7 billion euros.

© 2011 AFP

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