FRANKFURT (Dow Jones) — Tui quintupled its sales in the first quarter of 2021/22 and halved its consolidated loss. For the summer, the travel group is recording strong booking dynamics across all markets, the number of new bookings is now above the pre-crisis level, as Tui announced. In the spring, on April 1, the return of around 0.7 billion euros in state aid is planned as a first step.
“We expect a strong summer in 2022,” said CEO Fritz Joussen, according to the announcement. “The way out of the pandemic is becoming increasingly clear. Demand for travel is high across all markets.”
In the three months to the end of December, sales rose to 2.37 billion euros from 468.1 million euros in the same period of the previous year. Adjusted earnings before interest and taxes (EBIT pre) improved from minus EUR 675.8 million to minus EUR 273.6 million. The group loss halved to about 386.5 million from 790.3 million euros. In consensus, analysts had only expected sales of 2.06 billion euros, but they saw the EBIT loss as significantly lower at 210 million euros.
As of February 4, the group had 3.3 billion euros in cash at its disposal, including proceeds from the recent capital increase of 1.1 billion euros. Three months ago it was 3.5 billion euros.
The expectations for the 2022 financial year described in the 2021 Annual Report continue to apply.
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(END) Dow Jones Newswires
February 08, 2022 01:09 ET (06:09 GMT)
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