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TUI Q1 Loss Narrows - Quick Facts

TUI Group (TUIFF.PK) reported that its first-quarter loss attributable to shareholders was 128.7 million euros, compared to a loss of 139.3 million euros last year, as adjusted. Quarterly loss per share was 0.22 euros, compared to a loss of 0.24 euros in the prior year.

The company applied IFRS 16 from 1 October 2019. Prior year figures were not adjusted.

The company said its first quarter saw improved booking trends for its Winter programme, driving a good underlying result in its Markets & Airlines business.

Excluding the effects of the continued Boeing 737 Max grounding and the non-repeat of a hedging gain from prior year, underlying EBIT for Markets & Airlines improved by 14% versus prior year.

Turnover for the quarter was 3.85 billion euros, compared to 3.57 billion euros in the prior year, as adjusted.

TUI said it has been able to narrow the range of the additional cost for fiscal year 2020 grounding of Boeing 737 Max to about 220 million euros - 245 million euros from 220 million euros - 270 million euros.

For 2020, the company now expects underlying EBIT to be in the range of 850 million euros - 1.05 billion euros, reflecting full-year Boeing 737 Max grounding costs, partly expected to be offset by current strong trading, other mitigation and a certain level of compensation from Boeing. The company said in December that it projected annual underlying EBIT to be in the range of about 950 million euros - 1.05 billion euros.

Looking ahead for 2020, the company now expects a high single digit percentage turnover growth, compared to the prior outlook of mid to high single digit percentage growth.

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