TUI widens losses in first quarter
German tourism giant TUI said on Wednesday that its losses widenend in the first quarter of the current year, but it would still stick to its full-year targets.
TUI, which operates its business year from October to September, said in a statement it booked a net loss of 137 million euros ($184 million) in the three months to December, compared with a loss of 87.6 million euros a year earlier.
The group noted, however, that year-earlier earnings had been boosted by one-off effects and that underlying profits, as measured by earnings before interest, tax and amortisation (EBITA), improved slightly.
TUI booked an underlying loss of 141.5 million euros in the October-December period compared with a loss of 147.3 million euros a year earlier.
First-quarter sales rose by 1.4 percent to 3.496 billion euros, TUI said.
"The TUI Group has started into financial year 2012/13 on a slightly improved operating result," the statement said.
"The outlook for the full year has been confirmed by the sound operating performance recorded by TUI Travel and Hotels & Resorts in the first quarter.
"For the overall year 2012/13, TUI continues to expect moderate turnover growth and an operating result -- underlying EBITA -- matching the gratifying level of the prior year," it said.
At the bottom line, TUI said it expected group net profit for the year to be positive.
© 2013 AFP