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Accor reports revenue slump
Accor, the French hotel chain, has seen revenue for the first half of 2009 drop 8.1 per cent to 3.41m euro (£2.92m) from 3.76m euro (£3.22m) for the same period in 2008.
The company said that the revenue performance was shaped by its expansion strategy, which added 4.3 per cent to growth for the quarter, the sale of properties and the 1 per cent negative currency effect.
The company said in a statement: "The second quarter figures reflect the global economic situation, which is still extremely depressed.
"The underperformance was due to the unprecedented nature of the crisis, what has resulted in a very sharp rise in unemployment, and to the decline in interest rates in Europe and Latin America, which has eroded interest income.
"Given the faster reduction in interest rates, particularly in Latin America, the group expects interest income to fall by more than 25 per cent in the second half, feeding through to slightly positive like for like revenue growth for the full year.
"The group is continuing to adjust to this environment by cutting costs and scaling back capital expenditure in 2009 and 2010."
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