UPDATE: TUI AG Confirms Full-Year View, Narrows 1Q Net Loss
09 Febbraio 2011 - 9:09AM
Dow Jones News
TUI AG (TUI1.XE), a holding company with assets in tourism and
shipping, Wednesday confirmed its full year outlook and reported a
narrowed net loss for the first quarter of its fiscal year 2011,
pointing to higher demand in Europe's travel sector.
The company still expects an increase in sales, as well as
adjusted earnings before interest, taxes and amortization, or
Ebita, and a positive after-tax profit for the year due to higher
passenger volumes and an increase in average prices. It also
confirmed it expects a positive profit contribution from container
shipping company Hapag-Lloyd, in which it owns a minority
stake.
In the seasonally low winter period, its first-quarter net loss
narrowed to EUR46.4 million, compared with a EUR104 million net
loss in the same period of the previous year.
Sales came in at EUR3.29 billion, a 11% increase on the year.
Analysts had expected a lower sales increase and higher losses.
Tour operators like TUI Travel PLC (TT.LN), in which TUI holds a
majority stake, and Thomas Cook Group PLC (TCG.LN) have cancelled
tours to some North African destinations due to civil unrest. For
the second quarter, TUI AG expects these free cancellations and
rebookings of flights and tours to lead to a charge of up to EUR37
million.
The container shipping business of Hapag-Lloyd picked up
significantly on the year and contributed EUR18.2 million to the
company's result in the first quarter, after hampering earnings by
EUR14.7 million in the comparable period of the previous year.
TUI AG changed its fiscal year to bring it in line with that of
TUI Travel and, after a short financial year for 2009, the
company's financial year now runs from October to September.
-By Hilde Messer, Dow Jones Newswires; +49 69 29725 506;
hilde.messer@dowjones.com
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