Hospitality group Accor has reported a consolidated loss of €120m (£102m) during the first half of the year.
For the six month period ending June 30 2021, revenue also dropped by 10% to €824m (£701), down from €910m (£774m) the previous year, which was largely attributed to the impact of Covid-19 lockdown restrictions.
Sébastien Bazin, chairman and CEO of Accor, said: “Since May, we have seen a clear recovery. Positive signs including the ramp up of vaccine roll out and the progressive reopening of borders will continue throughout the summer.
“In the first half of the year, Accor significantly improved its operating performance. Furthermore, we continued to efficiently and cautiously manage our liquidity and investments. We are therefore prepared for the rebound with a solid balance sheet and an increasingly agile and efficient organisational structure.”
He added: “It is still too early to fully define the outlook for the end of the year, but we are confident in our ability to capture recovery in all geographies and to put into place a reinvented vision of travel.”