August 13, 2019 / 7:08 AM / 3 months ago

TUI will not be loser of consolidation process in sector, CEO says

FRANKFURT, Aug 13 (Reuters) - TUI Chief Executive Fritz Joussen said on Tuesday that he expected consolidation in the holiday industry but believed his company was well equipped to deal with it.

“We will not be the losers,” he said in a call with journalists after presenting third-quarter results for the group.

He said the hotels and resorts units were benefitting more from a diversified portfolio than comparable rivals and cruises would deliver strong growth.

He declined to comment on negotiations with Boeing over the grounding of 737 MAX planes after two fatal crashes, which for TUI meant 15 planes of that type needed replacing with partly older and less fuel efficient ones, creating costs of 144 million euros ($161.22 million) in the quarter. ($1 = 0.8932 euros) (Reporting by Vera Eckert Editing by Michelle Martin)

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