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Hannover (pte032/18.06.2003/15:01) - Travel and holiday group TUI AG http://www.tui.de has observed a positive trend coming on the heels of several setbacks in the travel industry.
According to TUI management, the industry is recovering through an increase in last-minute bookings.
At the TUI general meeting chairman of the board Michael Frenzel announced that instead of minus 15.2 per cent, the business was expecting only minus 10.7 per cent in the summer travel season compared to the year before. Combined with the completed winter season, leaving TUI at 7.2 per cent below last year's bookings.
In the completed fiscal year, TUI achieved a turnover of 20.3bn euros compared to last year's 22bn euros. The operating result before taxes and amortisation (ebta) sank 25 per cent to 608m euros. The group's annual surplus plummeted from 411m to 41m euros, in part due to high amortisation and taxes. According to TUI, dividends are currently at 77 cents per share.
The company has announced that group restructuring is nearly complete. The next step will be to sell the trade division and further reduce debts. By the end of the year, TUI's net losses will have been cut in half to under three billion euros.
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