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TUI Slips To Hefty Loss In Q3 On Weak Turnover; Sees Normalised Level Of Business From FY22

Tour operator TUI AG (TUIFF.PK) reported Thursday that its third-quarter Group loss attributable to shareholders was 1.42 billion euros, compared to prior year's profit of 22.8 million euros.

Third-quarter group underlying EBIT loss was 1.1 billion euros, reflecting business suspension for most of the quarter, impairments triggered by COVID-19 and net costs arising from ineffective hedging contracts.

Turnover plunged 98.5 percent to 71.8 million euros from last year's 4.75 billion euros.

The company noted that 55 hotels reopened in the quarter, representing about 15 percent of total portfolio, as lockdown restrictions eased worldwide from mid-May. All three Cruise operations remained suspended throughout the quarter.

Bookings for Summer 2020 are down 81 percent and ASP down 10 percent.

Looking ahead, the company said fiscal 2021 will be a year of transition and it expects a normalised level of business from fiscal 2022.

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