French hotel group Accor SA (ACRFF.PK, ACRFY.PK) reported an increase of 1.0% in revenues for the third quarter. Revenues for the third quarter rose 1.0 percent to €1.49 billion from €1.47 billion in the comparable quarter last year. On a like-for-like basis, revenues improved 1.3 percent from last year.
Revenue from hotels rose 1.1% to €1.44 billion from €1.42 billion in the prior year period.
Revenue from the Upscale & Midscale segment rose 0.8% as reported and 1.6% like-for-like over the quarter.
The company reported that in France, revenue decreased 2.4% like-for-like in the Upscale & Midscale segment and was down 1.7% in the Economy segment, while in Germany, revenue grew 4.1% like-for-like in the Upscale & Midscale segment and 3.6% like-for-like in the Economy segment. In the United Kingdom, like-for-like revenue growth stood at 4.9% in the Upscale & Midscale segment and 6.0% in the Economy segment.
Accor stated that the firm growth in room rates across every segment and the increase in management and franchise income were the two factors that contributed to the growth in third-quarter 2012 revenue. Development added €46 million or 3.1% to reported growth.
Also, the positive currency effect increased reported revenue by €23 million or 1.6%, primarily as a result of gains in the Australian dollar and the British pound against the euro, the company noted.
For comments and feedback: editorial@rttnews.com