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Accor Posts H1 Loss

Accor (ACRFY.PK,ACRFF.PK) Tuesday reported a first-half 2020 net loss of 1.512 billion euros, compared to net profit of 141 million euros reported last year.

Loss before discontinued operations was 1.772 billion euros, compared to income of 125 million euros prior year. EBITDA amounted to a loss of 227 million euros, compared to earnings of 375 million euros last year.

Consolidated revenue for the first-half dropped 52.4% to 917 million euros from 1.93 billion euros last year.

RevPAR was down 59.3% in first-half 2020. This marked decline reflects the dramatic deterioration in the industry linked to the spread of the Covid-19 virus worldwide, as well as lockdown measures and border closures implemented by governments throughout the world, the company said.

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