CAPTION: TUI stems typical early winter earnings losses, expects strong summer. (picture alliance/dpa/Clara Margais)
German TUI Group, the world's largest tourism company, reported it managed to reduce the typical seasonal earnings decline in the October-to-December period.
Revenue increased to €3.8 billion ($4 billion) compared to €1.4 billion a year earlier, when the coronavirus crisis was inflicting a much greater toll on the tourism industry.
TUI's net loss was around €232 million. In the comparable period at the end of 2021, the shortfall was €387 million.
Looking ahead, the German company is reporting significantly stronger bookings for the summer.
At the peak of the pandemic, tourism was one of the hardest-hit sectors. TUI was able to get through the crisis, in part, owing to state aid worth billions.
The support from the German federal government is now to be returned in steps by the end of the year. About €730 million plus interest is set to be paid by the holiday firm.
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