FRANKFURT (AFP) – The world’s largest tourism operator TUI reported a jump in quarterly profits yesterday, boosted by rising numbers of travellers, strong summer demand and the collapse of a rival.
Underlying earnings before tax and interest (EBIT) rose 37 per cent to EUR232 million (USD252 million) from April to June while revenues increased to EUR5.8 billion.
A total of 5.8 million guests travelled during the quarter with the German group, which offers everything from hotel stays to cruises and charter flights, up four per cent from a year earlier.
Bookings for the summer were up six per cent while average prices also rose.
In Germany, bookings were up 10 per cent after competitor FTI filed for insolvency in June.
TUI confirmed its outlook for the financial year, with sales expected to increase at least 10 per cent.
