(Bloomberg) -- Accor SA, Europe's biggest hotel owner, said first-half profit dropped 48 percent from last year, when results were boosted by asset sales, and forecast slowing profit growth as customers retrench.
Net income fell to 310 million euros ($459 million) from 596 million euros a year earlier, when disposals added 311 million euros to earnings, Paris-based Accor said today.
Second-half profit growth will be about 10 percent, excluding currency swings, slowing from 25 percent in the first half because of a ``less favorable economic environment,'' Chief Financial Officer Jacques Stern said. Accor will also cut jobs in the Americas. The hotelier sold units including Go Voyages to focus on lodging and expanding its service-voucher unit.
