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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