TUI First Quarter Net Loss Narrows; Repeats Fiscal '10 View
15 Februar 2010 - 8:39AM
Dow Jones News
TUI AG (TUI1.XE), the German holding company with assets in
tourism and shipping, Monday reported its first-quarter net loss
narrowed thanks to reduced administrative expenses and improvements
in taxes on income and noted bookings in its key market increased
notably in the past few weeks.
The Hanover-based company reiterated its outlook of slightly
higher adjusted earnings before interest, tax and amortization, or
Ebita, for continuing operations for fiscal 2010 and still expects
stable adjusted Ebita in its tourism business.
The company changed its fiscal year to bring it in line with
that of TUI Travel PLC (TT.LN) and after a short financial year for
2009, the company's financial year now runs from October through
September. TUI holds a 52% stake in U.K.-listed TUI Travel, which
accounts for the bulk of TUI's earnings.
Its net loss for the three months ended Dec. 31 came in at
EUR102.8 million, compared with a net loss of EUR155.1 million in
the same period a year ago, clearly beating the EUR153 million net
loss forecast on average in a Dow Jones Newswires poll of four
analysts.
TUI's first-quarter sales dropped 15% to EUR2.95 billion, in
line with a EUR2.95 billion forecast.
TUI shares, which closed Friday at EUR6.36, have climbed about
30% in the past three months, outperforming the Dow Jones Stoxx
Europe 600 travel and leisure sector, which rose only 1%. Traders
pointed to a power struggle between TUI's management and major
shareholder John Fredriksen as a possibility ahead of its annual
general meeting Feb. 17.
-By Hilde Arends, Dow Jones Newswires; +49 69 29725 506;
hilde.arends@dowjones.com
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