TUI Group says summer trading good, on track to hike profits

Berlin

EUROPEAN travel group TUI said summer trading was very good with bookings for Greece, Turkey and Cyprus all growing strongly and that it was on track to increase profits by at least 10 per cent at constant currencies this year.

It narrowed its underlying core loss by more than half in the first quarter to 25.4 million euros (S$41.4 million). Its hotels and cruises businesses helped to boost earnings in what is typically a loss-making quarter for holiday companies, even as it took a hit from the insolvency of Austrian airline Niki. "Q1 2018 has shown that TUI is on track, we continue to grow," CEO Fritz Joussen said.