Travel giant TUI is reducing sales and reporting a large loss for its first quarter. The company cannot provide a forecast and warns that a total of 8,000 jobs could disappear.
Turnover sfell 10.1 percent to EUR 2,788 million (3,102).
Non-adjusted refers to IFRS. Ebitda result was EUR -419 million (-120). Ebitda result, adjusted, amounted to EUR -410 million (-106).
Operating profit was EUR -700 million (-242). Adjusted operating profit was EUR -681 million (-219).
TUI states in a comment that customers continue to seek holiday solutions and the company is convinced that there will be a recovery when the Covid-19 crisis subsides. In total, 35 percent of the summer program is booked.
The travel giant is working to reduce costs. In total, the cost picture will decrease by 30 percent across the entire group. The company states that up to 8,000 jobs could disappear.
TUI also says it is reviewing its assets and that unprofitable parts can be sold off, and the company has received support from the German state.
According to the company, it is too early to provide any forecast. The company withdrew its forecast on March 15.
Source: finwire
