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TUI significantly exceeds profit forecasts due to strong travel demand
A Boeing 787 Dreamliner with the logo of tourism giant TUI at Hannover Airport in Langenhagen, central Germany.
Julian Stratenschulte | AFP | Getty Images
German travel giant TUI on Tuesday posted a quarterly operating profit of 6 million euros ($6.46 million) on the back of strong travel demand.
The swing in profits was significantly higher than analysts’ consensus estimate for a loss of 102 million euros, according to LSEG data. Europe’s largest travel company posted a net loss of 153 million euros in the same period last year.
The group’s first-quarter fiscal revenue rose 15% year-on-year to a record 4.3 billion euros, due to increased demand due to higher prices and interest rates.
“We are on track, gaining customers and growing. We are accelerating our transformation quarter by quarter. We have a goal that we are consistently working towards.”
“While the environment continues to be challenging, people’s strong desire to travel is ensuring strong economic development in all areas of the Group.”
Tui expects to record operating profit growth of at least 25% for the entire 2024 financial year, targeting compound annual growth of 7-10% in the medium term.
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The UK’s FTSE 100 index is expected to rise about 8 points to 7,582, Germany’s DAX index is expected to drop about 41 points to 16,996 and France’s CAC 40 index is expected to drop about 10 points to 7,680, according to IG data. It is expected that
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