Pandemic pushes TUI to 1.1 billion euro third quarter loss

The tour operator said the losses came after it had to suspend its operations for most of the quarter amid lockdowns to control the spread of coronavirus, while it was also hit by extra costs from the crisis.

Tui’s revenues crashed 98% to 75 million euros (£68 million) in the quarter and it said bookings have plunged 81% for this summer and are 40% lower for a scaled-back winter programme.

Tui said: “Full-year 2020-21 will be a year of transition and we expect a normalised level of business from full-year 2021-22.”

Tui said demand was beginning to return since its operations tentatively resumed in mid-May as global restrictions began to ease, with 1.7 million new bookings made since.

Bookings for summer next year are up by a “very promising” 145%, the group said, although it has cut its programme by a fifth.

Tui chief executive Fritz Joussen said: “Our integrated business model is proving its worth, even in the crisis.

“The implementation of our hygiene and safety concepts and the relaunch of the business could be implemented in the flight, hotel, ship and destination segments from a single source – this has given our guests a high level of security.”

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