TUI AG (TUI1.XE), a holding company with assets in tourism and shipping, Tuesday said it expects to report a positive group result for its fiscal year 2011, but said it won't pay a dividend for fiscal 2010.

Chief Executive Michael Frenzel said in a statement the company is well positioned for the coming financial year.

The Hanover, Germany-based company said the winter season is coming along well with an increase in bookings on the year in Europe, and substantial growth in some markets.

Europe's biggest travel company, U.K.-based TUI Travel PLC (TT.LN), majority-owned by TUI AG, is expected to show a slight increase in earnings before interest, taxes and amortization, or Ebita, excluding gains on disposals and restructuring expenses in fiscal 2011. Adjusted Ebita for continuing operations, which includes the tourism business and central operations, is expected to rise on the year.

-By Hilde Messer, Dow Jones Newswires; +49 69 29725 506; hilde.messer@dowjones.com
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