Accor Revenue Up 5.9 Percent in 4th Qtr.

Jan 28, 05 | 8:49 am

French hotel and catering group Accor SA said Wednesday its revenue rose 5.9 percent in the fourth quarter thanks to upbeat performance across all main divisions despite the dollar's weakness.

Revenue for the three months ending Dec. 31 came in at 1.83 billion euros ($2.38 billion), Accor said, up from 1.73 billion euros in the year-earlier period. Excluding selloffs, acquisitions and exchange rate effects, it rose 5.1 percent.

Over the full year 2004, revenue rose a more modest 4.3 percent to 7.12 billion euros ($9.26 billion), the company said, "reflecting a good level of global activity."

It also reiterated its outlook of a full-year pretax profit between 570 million euros and 590 million euros ($741 million and $767 million).

The 2004 revenue figure came in slightly above an average 7.1 billion euros ($9.23 billion) average forecast from a poll of 15 analysts.

Revenue from Accor's hotels -- which include Sofitel, Ibis, Red Roof Inn and Motel 6 -- rose 4 percent to 1.26 billion euros ($1.64 billion) in the fourth quarter. Its services arm, whose activities include restaurant vouchers and events, posted a 6.2 percent revenue increase to 137 million euros ($178 million).

Accor had revenue of euro433 million ($564 million) from its other activities, ranging from casinos to on-board catering on trains, up 11.7 percent.

The company said revenue of its core hotel operations had fallen as a result of the weak dollar, but said this was offset by the addition of new hotels over the course of the year.

Accor shares closed 1.3 percent lower at 32.99 euros ($42.90) in Paris before Wednesday's figures were released. Like many French companies, it publishes sales and earnings separately.

/AP/