TUI: loss widens as sales dive 88%
(CercleFinance.com) - Struggling German travel operator TUI posted a wider fiscal first-quarter loss as its sales plummeted 88%, but the group said it expected both operations and bookings to begin to get back to normal by the summer.
The Hanover-based company said the rollout of vaccine programs should support the lifting of travel restrictions, while refraining from issuing a guidance for financial year 2021, citing "significant uncertainties" relating to the pandemic.
TUI posted a net loss of 813.1 million euros, or 1.36 euro per share for the quarter ended 31 December, from a loss of 105.4 million euros, or 0.22 euro per share, a year earlier.
Revenue collapsed 88% to 468.1 million euros, from 3.8 billion euros from the same period the previous year.
TUI, which has laid off over a third of its workforce, to 37,000 employees from 56,500 employees a year ago, said it has cash and equivalent of 2.1 billion euros.
Its shares, listed on the London Stock Exchange, were down 0.2% after the quarterly statement.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The Hanover-based company said the rollout of vaccine programs should support the lifting of travel restrictions, while refraining from issuing a guidance for financial year 2021, citing "significant uncertainties" relating to the pandemic.
TUI posted a net loss of 813.1 million euros, or 1.36 euro per share for the quarter ended 31 December, from a loss of 105.4 million euros, or 0.22 euro per share, a year earlier.
Revenue collapsed 88% to 468.1 million euros, from 3.8 billion euros from the same period the previous year.
TUI, which has laid off over a third of its workforce, to 37,000 employees from 56,500 employees a year ago, said it has cash and equivalent of 2.1 billion euros.
Its shares, listed on the London Stock Exchange, were down 0.2% after the quarterly statement.
Copyright (c) 2021 CercleFinance.com. All rights reserved.