May 13, 2020 / 6:33 AM / 16 days ago

TUI burning 250 million euros cash a month: CEO

FRANKFURT (Reuters) - Travel group TUI (TUIGn.DE) (TUIT.L), which is struggling with the impact of the coronavirus pandemic, is burning cash at a rate of 250 million euros ($271 million) a month, its CEO said on Wednesday.

Despite having reduced costs by 70% the company still has monthly costs of 230 million euros, Friedrich Joussen said in a call with journalists.

“We must change TUI - make it leaner, faster and less capital-intensive,” Joussen said, adding that the company’s airlines will be part of cost-cutting measures as well, without giving details.

Reporting by Ilona Wissenbach; writing by Thomas Seythal; editing by Scot W. Stevenson

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