Mubasher TV
Contact Us Advertising   العربية

Accor Hotels profits rise in 2017 on strong key-market business

Accor Hotels profits rise in 2017 on strong key-market business

Mubasher: France-based Accor Hotels on Wednesday announced an uptick in net profits for the full year 2017 on the back of strong business from most of its key markets.

The hotel group logged a net profit of EUR 441 million ($545 million) in 2017, up from EUR 265 million ($326.37 million) in 2016, backed by strong performance from its units across Asia-Pacific and Europe.

Revenue for 2017 amounted to EUR 1.94 billion, Accor said in a statement.

Earnings before interest and taxes reached EUR 492 million last year, registering an increase from EUR 397 million in 2016.

Accor's EBIT at its new businesses was affected by higher amortisation linked to acquisitions made in 2017, the company said, noting that it expects to halve the loss in 2018.

In July, the French company had announced plans to spin off and dispose of its real-estate operations under the AccorInvest brand.

Accor now says it is in the final stages of talks with investors over the opening up of the capital of AccorInvest.