TUI posted narrower net loss in first quarter

TUI AG, a Germany based tourism firm posted a better result in the first quarter of the fiscal. The company released its quarterly results on Monday. The net loss reported in the first quarter narrowed to €102.8 million ($140 million) from €155.1 million in the same quarter last year.

Revenue at its main tourism division was posted €2.95 billion decreasing by 15% as in the same quarter last year revenue was reported €3.47 billion.

TUI reported declines in all of its tourism businesses. According to the report released by TUI, bookings were lower in all travel markets, also the number of hotel stays and reservations on board its luxury cruise line reported decreased.

“The German-speaking cruise market reflected the persistently tight economic conditions in the period under review. Lower bookings were recorded both in the volume market for premium cruises as well as in the niche market for luxury and expedition cruises,” TUI said in its report.

Get the full story at: ABH News