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TUI Q1 Results Show Slight Improvement

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German travel and tourism group TUI reported first-quarter results that beat expectations, helped by the performance of Europe's largest tour operator TUI Travel and better profitability at its hotel business.

The group, which holds a 56 percent stake in TUI Travel, reported an underlying first-quarter loss before interest, taxes and amortization of EUR€141.5 million (USD$191 million), an improvement over last year's EUR€147.3 million loss.

TUI caused a stir in the travel industry when it was revealed in January that it had approached TUI Travel over a possible nil-premium, all-share merger. But the German group decided against making a bid, saying it was not in shareholders' best interests at current share prices.

TUI Travel reported first-quarter results last week and said more Europeans were booking all-inclusive holidays to make the best use of dwindling incomes.

Along with TUI Travel, TUI also operates its own hotels and cruise business.

(Reuters)