TUI Travel posts fresh losses on Egypt, Tunisia unrest
TUI Travel suffered a net loss of £254 million (290 million euros, $415 million) during the group's first half, in part owing to unrest in Egypt and Tunisia, Europe's largest tour operator said on Tuesday.
The figure for the six months to March 31 was however an improvement on the group's first half in 2009/10, when TUI Travel had posted a net loss of £319 million.
"I am pleased to report an improved first half... result, particularly given the significant headwinds from political events in Egypt and Tunisia," chief executive Peter Long said in the group's earnings statement.
He said TUI Travel's performance was also affected by "the weak UK economic environment" and due to the fact that the Easter peak holiday season occurred this year in the group's third quarter compared with the second in 2009/10.
TUI Travel had previously suffered from costs linked to its creation in late 2007, from the merger of British travel group First Choice and the tourism activities of German travel giant TUI.
© 2011 AFP