TUI Travel revenue up 6%, net loss eases in 1QFY2011
TUI Travel revenue up 6% - financial highlights for the three months ended 31-Dec-2010:
- Revenue: GBP2694 million, +6% year-on-year;
- Underlying operating profit (loss)*: (GBP84 million), compared with a loss of GBP107 million in p-c-p;
- Net profit (loss): (GBP99 million), compared with a loss of GBP124 million in p-c-p. [more]
* Excludes separately disclosed items, amortisation of business combination intangibles, acquisition-related expenses and taxation of results of the group’s JVs and associates
TUI Travel: “We are closely monitoring events in Egypt and Tunisia and the safety of our customers is our primary consideration. Early indications are that customers are choosing to rebook to alternative destinations and we are taking action to remix our programmes in line with customer demand. The progress in the first quarter represents an encouraging start to 2011 and the forward booking position is good. We remain cautious, however, given the current economic and geopolitical uncertainty,” Peter Long, CEO. Source: TUI Travel, 03-Feb-2011.