Accor Posts Higher 2014 Profit

Accor SA (OTC: ACRFY) reported a 77% surge in its profit for the full year.Accor's net profit for the period surged to EUR223 million, versus a year-ago profit of EUR126 million.Its revenue rose 0.5% to 5.45 billion euros.Its earnings before interest and taxes gained 15% to EUR602 million from EUR521 million, versus analysts' estimates of EUR589 million.Operating profit before tax and non-recurring items rose to €578 million in 2014 from €442 million in 2013.Funds from operations climbed to €769 million from €703 million.For 2014, the company announced its plans to pay a dividend of around 95 cents per share.At December 31, 2014, consolidated net debt reached €159 million. Sébastien Bazin, Chairman and Chief Executive Officer of Accor said, "The in-depth transformation being carried out by Accor started to pay off in 2014, with the Group posting excellent results in both its businesses – HotelServices and HotelInvest – and strengthening its leadership position. In 2015, the economic environment is expected to continue to vary significantly from one region to another. In addition, along with the rest of the industry, we must meet the challenges created by the digital transition, which is spurring us to rethink our businesses, strengthen our ties with our customers whose needs and habits are changing, and adjust our corporate culture and operating procedures."Accor shares fell 1.54% to close at $10.24 yesterday.