News

TUI AG profits up to 600m euros

German group Tui AG expects moderate growth in profits in 2012 after delivering an improved result in the year to September.


The Tui Travel majority shareholder reported underlying earnings before interest, tax and amortisation (EBITA) up by 1.8% to €600 million.


That included an €83 million hit from unrest in the Middle East and North Africa. Net profit fell three quarters to €23.9 million in 2010/11 but it is on course to reinstate a dividend for the first time since 2007.


Chief executive Michael Frenzel said: “The environment will remain challenging in the light of weaker economic growth in Europe and persistently high energy costs.


“We see the further consolidation of our finances as the top priority considering the current financial market environment. But of course we have resolved to re-establish our ability to pay dividends as soon as possible, and we see ourselves as on track.”


Container shipping business Hapag-Lloyd contributed a €2 million loss to the company’s full-year result.


Tui agreed on Tuesday to tender a 33.3% stake in the Hapag-Lloyd to its majority shareholders, the Albert Ballin consortium.

Share article

View Comments

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.