Accor Posts EUR3.6 Billion Net Profit After Selling Vouchers Unit

French hotels group Accor (AC.FR) Wednesday said net profit was EUR3.6 billion, lifted by the sale of its vouchers unit which is now a separately listed company Edenred (EDEN.FR).

MAIN FACTS:

-The performance was helped by a robust upturn in demand in most countries, followed by a gradual stabilization in average room rates.

-Net debt was reduced to EUR730 million from EUR1.62 billion in 2009.

- The recovery that emerged in our main countries (Germany and the United Kingdom in the first half and France during the summer) gradually spread to most of the rest of Europe in the second half, as occupancy rates continued to rise and average room rates began to turn upwards, particularly in the fourth quarter.

-Although a few markets remain uncertain, the upturn observed in 2010 is expected to continue in 2011, led by improving demand and, to a lesser extent, by the gradual recovery in room rates.

- By Paris Bureau, Dow Jones Newswires; +331-4017-1740; mimosa.spencer@dowjones.com

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