BERLIN Feb 14 European tour operator TUI
reported a narrower loss for the first-quarter,
although its German TUIFly unit was hit by costs of around 22
million euros ($23 million) due to staff calling in sick after a
new strategy was announced in October.
The results came the day after the London-listed group
announced the sale of a portfolio of specialist travel brands,
collectively known as Travelopia, to KKR for an
enterprise value of 325 million pounds ($408 million).
TUI reported an underlying loss before interest, tax and
amortisation for the first three months of its current financial
year of 66.7 million euros, a 17 percent improvement on last
year. Tourism companies typically make losses during the winter
It maintained a forecast for core earnings to rise by at
least 10 percent this year at constant currency levels.
($1 = 0.7972 pounds)
($1 = 0.9415 euros)
(Reporting by Victoria Bryan; Editing by Ludwig Burger)