TUI Swings To 2008 Net Loss; Won't Match Adjusted Ebita In 09
25 Marzo 2009 - 9:03AM
Dow Jones News
German tourism and shipping company TUI AG (TUI1.XE) Wednesday
said it swung to a net loss in 2008 due to one-time charges related
to TUI Travel PLC (TT.LN) and goodwill write-downs, and added
operating earnings in 2009 will be lower than last year.
The Hanover-based company said this year it won't match the 2008
level of adjusted earnings before interest, tax and amortization,
pointing to an expected drop in its container-shipping operations.
However, it noted that reported earnings for the 2009 were expected
to be positive in light of the anticipated gain on disposals in
container shipping.
Net loss for the year came in at EUR121.3 million compared to a
net profit of EUR172.7 million a year earlier, worse than the net
loss of EUR93 million expected in a Dow Jones Newswires poll of
seven analysts.
Adjusted earnings before interest, tax and amortization, or
Ebita, rose to EUR547.5 million in 2008 from EUR438.7 million a
year earlier.
Earnings for the year include one-time charges of EUR440 million
incurred by TUI Travel to achieve cost cuts, and missed analyst
expectations of EUR579 million. Sales rose to EUR18.71 billion due
to the integration of First Choice, up 18% from EUR15.93 billion a
year earlier. Analysts had forecast sales at EUR18.65 billion.
Company Web site: www.tui-group.com
-By Hilde Arends, Dow Jones Newswires; +49 69 29725 506; hilde.arends@dowjones.com
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