Plus   Neg

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
Macy's is offering a sneak peek of its Black Friday deals for this year, so that shoppers can get a head start on finding some of the best deals. The department store has unveiled its Black Friday deals that will be available next month across categories, including fashion, fine jewelry, tech, beauty, toys and home specials. Some of the deals will be available for as low as $5. Italy's antitrust watchdog has opened an investigation against Google for an alleged abuse of dominant position in the Italian market for display advertising. This refers to the space publishers and website owners make available for the display of advertising content. Shares of Deutsche Bank AG were gaining around 3 percent in German trading after the banking major reported Wednesday a profit in its third quarter, compared to prior year's loss mainly driven by strong Investment Bank revenues. Looking ahead, the bank said it remains on track to meet all financial and strategic targets related to its transformation plan.
Follow RTT