see all jobs
Hapag-Lloyd sale boosts TUI profits
TUI, the German-based owner of Thomson and First Choice travel companies, has reported a group profit of 415m euro (£372.5m) for the first quarter of 2009, following the sale of a majority stake in Hapag-Lloyd.
The travel company revealed that it made around 1bn euro (£897m) from the sale, although it revealed that tourism turnover declined by more than 15 per cent compared with the same period in 2008. Figures also reported a 25 per cent decrease in underlying EBITA in its tourism division, which TUI attributed to Easter business not being included in the first quarter this year, as well as the predicted effect of the recession on tourism numbers.
A spokesperson for TUI said: "The overall Group result for the financial year 2009 is expected to be positive and improve considerably year-on-year. This will be due to the lower integration expenses in tourism and the book profit from the sale of container shipping."
More News
- News by sector (all)
- All news
- Fitness
- Personal trainer
- Sport
- Spa
- Swimming
- Hospitality
- Entertainment & Gaming
- Commercial Leisure
- Property
- Architecture
- Design
- Tourism
- Travel
- Attractions
- Theme & Water Parks
- Arts & Culture
- Heritage & Museums
- Parks & Countryside
- Sales & Marketing
- Public Sector
- Training
- People
- Executive
- Apprenticeships
- Suppliers