TUI Group has seen underlying profits before tax slip during the third quarter of financial 2011, with EBITA decreasing by 11 per cent to €96 million from €108 million the previous year.
In a set of mixed results, Europe’s largest tour operator said political turmoil in North Africa – particularly Egypt – was responsible for the loss.
TUI AG – which owns TUI Travel and Thomson – saw revenues increase nine per cent to €4.4 billion.
Despite the losses TUI AG expects turnover growth for the overall financial year 2010/11.
“TUI continues to expect the Group result for the year to be positive,” added a statement.
While TUI Travel, TUI Cruise and TUI Hotels & Resorts all saw growth in revenue, TUI AG warned profits from its container shipping business would be “lower than anticipated”.
TUI AG retains a 38 per cent stake in Hapag-Lloyd.
“In the third quarter, turnover declined by almost nine per cent year-on-year to around €1.5 billion,” explained a statement.
“This development was mainly attributable to the 11 per cent weakening of the US dollar against the euro, while transport volumes rose slightly and freight rate levels remained almost stable.”