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TUI AG Cuts Summer Capacity Plan; Stock Falls

German tour operator TUI AG (TUIFF.PK) on Thursday said it has reduced the overall capacity for the peak summer travel months starting from July to 75 percent from the earlier 80 percent.

The company also noted that ongoing vaccination campaigns, easy availability of rapid and self-tests and the opening up of some European countries have had a positive impact on the booking pattern of its customers.

The company's bookings for summer 2021, including rebooking and voucher redemptions, remains unchanged at 2.8 million guests, down 60 percent from the same period last year.

TUI said that since February, the company has secured as many as around 180,000 additional bookings for the holiday months in the fourth quarter like July, August and September. The company said that the higher share of booked packaged tours have led to the average prices for summer thus year to rise by 22 percent.

Tourist bookings for summer 2022 are nearly 120 percent higher than the summer of this year. Bookings for May 2022 are more than 150 percent than booking for May this year.

In Germany, the company's stock was trading 3.62% down at 4.24 euros.

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