TUI cruising as profits leap 83 per cent
TUI AG, currently in merger talks with its 55 per cent-owned unit TUI Travel, said it expected to “at least” hit the upper end of its forecast range for underlying profit to grow by between 6 and 12 per cent.
While TUI AG gets over 80 per cent of its earnings from London-listed TUI Travel, Europe’s largest tour operator, it also operates its own cruises and hotels divisions.
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Hide AdTUI Travel said last week that it was on track to meet its annual profit goal thanks to growing sales of higher-margin holidays.
TUI AG reported yesterday third-quarter sales of 4.83 billion euros (£3.86bn) and underlying earnings before interest, tax and amortisation (EBITA) of 163 million euros, above analyst expectations for 141 million.