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Accor: First-half 2002 results resilient in a challenging business environment

In an environment shaped by the impact of September 11 and the global economic slowdown, Accor<.> maintained its…

In an environment shaped by the impact of September 11 and the global economic slowdown, Accor<.> maintained its EBITDAR margin for the six months ending June 30, 2002 at 26.0%, versus 26.7% for the prior-year period, while reporting earnings per share of EUR 1.12, comparable to the EUR 1.14 posted in first-half 2001.



Earnings resilience was supported by sustained demand for Economy Hotels in Europe and the responsiveness of Accor teams in keeping operating costs under control.



Business and Leisure Hotels in Europe and the United States were adversely affected by the slowdown in business, especially in major cities.



Services again enjoyed strong earnings growth, which was partially offset by currency devaluations in South America.



Development



With 140 new hotels totaling 18,491 rooms opened as of August 31, Accor pursued its growth while reducing its expansion investments by 17% compared to the first half 2001. Europe is the priority region for investments and the vast majority of new hotels are in the mid-range and economy segments.



Full-year outlook



In a still-uncertain environment for global tourism, the Group`s full-year objectives are to report EUR 700 million in profit before tax and close to EUR 2.20 in earnings per share.



Accor`s strengths-a balanced business portfolio, integrated networks and well-known brands-represent key assets that more than ever are shaping the Group`s long-term strategy.

Co-Founder & Managing Director - Travel Media Applications | Website | + Posts

Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.

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