TUI Narrows First Half Loss
European travel group TUI reported a narrower loss for its first six months as hotel and cruise revenue grew.
The net loss for the six months to end March was EUR€362.9 million, down from EUR€448.9 million the previous year period.
TUI group turnover rose 3.3 percent to €6.38 billion (USD$7 billion), or €6.69 billion at constant currency - an 8.2 percent increase.
On a constant currency basis and excluding the timing of Easter this year, underlying EBITA improved by 6.3 percent to a loss of €193.3 million, from the previous year loss of €206.4 million.
“Our transformation to an integrated tourism business is on track. We are delivering strong growth in our hotel and cruise brands. These two segments contribute half of our operating result on a full year basis,” TUI Group chief executive Fritz Joussen said.
TUI said trading for summer 2017 is in line with expectations and reiterated its full year growth guidance for underlying EBITA to grow by at least 10 percent at constant currency rates.