Accor presented higher 2005 earnings on Wednesday and a plan to expand its core hotel and services businesses, but its shares tumbled 7 percent on disappointment at its dividend and unclear outlook.
The French company reported a 17.6 percent rise in annual pretax profits to 603 million euros ($718 million), in line with guidance of 590 million to 610 million euros it gave in January but below the consensus of 611 million euros in a Reuters poll.
Accor said it had sold its last 1.42 percent stake in caterer Compass Group Plc for 96 million euros.
New chief executive Gilles Pelisson confirmed that his company was also studying the full or partial sale of its 50 percent stake in travel agency Carlson Wagonlit Travel to its joint venture partner Carlson Companies Inc.
But Accor's stock fell as he declined to provide a specific 2006 earnings forecast or clarify the future of other holdings, including a stake of nearly 30 percent in Club Mediterranee, saying he needed more time to assess them.
"Not everything is for sale," he told reporters.
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Source - Reuters
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