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TUI reduces losses as travel soars, holiday package prices rise

FILED - A logo of Tui AG shines in the morning in front of a building of the corporate headquarters. Photo: Moritz Frankenberg/dpa

German travel giant TUI’s bottom line is on the cusp of returning to the black as the global tourism industry bounces back after being battered by the Covid-19 pandemic.

Before interest and taxes and adjusted for other factors, the TUI Group earned €409 million ($434 million), according to fiscal year figures released Wednesday, compared to the more than €2 billion lost in 2020-21.

Hanover-based TUI still posted a loss attributable to shareholders of €277 million in the 12 months ending in September.

Revenue at the world’s largest holiday travel agency almost quadrupled to €16.55 billion from €4.73 billion.

TUI has benefited from the resurgence in travel demand, and prices for many vacation packages have increased. “The summer was strong,” CEO Sebastian Ebel said.

For fiscal 2023, the group – which comprises travel agencies, online portals, airlines, hotels and cruise ships – expects a strong increase in revenue and a significant increase in underlying EBIT.

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