logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
United Airlines has rolled out an interactive online "Map Search" feature for its customers in collaboration with search giant Google. The new feature is powered by Google Flight Search Enterprise Technology. United is claimed to be the first airline in the U.S. to add this feature. The new feature, available on United.com, allows customers to easily search, compare and purchase flight tickets. GHSW, LLC. is recalling Trader Joe's Southwest Style Sweet Potato Sauté Bowl citing undeclared milk and egg allergens in the dressing, according to the Food and Drug Administration. The recall was initiated after it was discovered that the dressing in the bowl contains milk and egg, but are not declared on the label. California Gov. Gavin Newsom signed an executive order on Wednesday that bans the sale of new gasoline-powered vehicles in the state by 2035. With this, California plans to phase out the sale of all gasoline-powered vehicles and to drastically reduce demand for fossil fuel in its fight against climate change. The order directs the California Air Resources Board to develop a plan.
Follow RTT