February 12, 2019 / 6:17 AM / a year ago

TUI's quarterly loss widens as long, hot summer bites

LONDON, Feb 12 (Reuters) - TUI said on Tuesday its underlying loss had widened in its first quarter of trade, days after the tour operator slashed its full-year guidance due to an unusually long and hot summer in northern Europe.

TUI’s underlying loss was 83.6 million euros in the three months to Dec. 31, widening from 36.7 million euros in the comparable period the previous year, and in line with the company’s own expectations.

On Wednesday, the travel group cut its earnings guidance and warned that underlying earnings before interest, taxes and amortisation (EBITA) for the fiscal year ending Sept. 30 would be broadly flat from the 1.177 billion euros ($1.34 billion) it made in the 2018 fiscal year.

The company added it could no longer uphold its previous guidance for at least 10 percent annual growth in underlying EBITA at constant currencies during the three years to fiscal year 2020.

Reporting by Alistair Smout; Editing by Shreejay Sinha

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