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TUI: cuts first-quarter losses; shares rise

(CercleFinance.com) - TUI reported a narrower loss for the first-quarter, thanks to a "good start to the year" in terms of turnover, the European tour operator said on Tuesday.

The German-based, London-listed group reported an underlying loss before interest, tax and amortisation (EBITA) for the first three months of its current financial year of 24.9 million euros, compared to -60.3 million euros last year.

Tourism companies usually post losses during the winter months, as operational expenses cannot be fully offset by trip sales.

But TUI said summer 2018 has "started well," with the program already being 35% sold.

The firm hence continues to expect underlying EBITA to rise by at least 10% in the current financial year.

This performance helped to lift the TUI shares by 4.3% to 1,662.5 pence this morning in London.

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