FRANKFURT, May 11 — TUI, the world’s largest tourism operator, said today it expected to return to profitability this year as coronavirus fears eased and travel picked up.
Between January and March 1.9 million customers travelled with TUI, the group said in a statement, nearly 10 times more than over the same period last year when pandemic restrictions kept people at home.
Combined with expectations for a “strong” summer travel season, TUI said it was close to reaching the capacity of the pre-coronavirus year of 2019.
“After two years of crisis, we expect TUI to become profitable again in the current financial year with a significantly positive underlying EBIT,” said CEO Fritz Joussen, referring to earnings before tax and interest payments are deducted.
TUI recorded a heavy net loss of almost €2.5 billion (RM11 billion) in its 2020-2021 financial year, which runs from October to September.
In its January-March second quarter, the group booked an underlying profit, or EBIT, of €330 million.
Average prices paid by customers were up 20 per cent for the crucial summer period in 2022, TUI said, noting that holidaymakers were booking longer stays and spending more on additional perks like room upgrades. — AFP