Accor Logs Profit For Full Year

French hospitality company, Accor S.A. (ACRFY.PK), on Thursday posted a turnaround to profit for the fiscal 2021, amidst a recovery from Covid-19 pandemic induced headwinds and a surge in revenue from Hotel Services segment.

For the fiscal 2021, the Issy-les-Moulineaux-headquartered firm reported a net profit of 85 million euros, compared with a loss of 1.98 billion euros. It also recorded profit before discontinued operations at 8 million euros as against a loss of 2.24 billion euros.

The French firm recorded an operating profit for the 12-month period at 53 million euros, compared with an operating loss of 2.20 billion euros, on year-on-year basis.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) of the firm registered at 22 million euros, versus a loss before interest, taxes, depreciation, and amortization at 391 million, recorded for 2020.

Owing to a rebound in demand for hospitality services, the Accor generated revenue of 2.20 billion euros, compared with 1.62 billion euros, on year-on-year basis.

Revenue from hotel services segment of the hospitality Group reported an increase by 39 percent, to 1.58 billion euros, compared with previous fiscal.

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