TUI reported a net loss of €103 million or 43 cents a share, as compared to €155 million or 64 cents a share recorded in corresponding quarter last year. TUI said in a statement, bookings were lower in all travel markets, as were the number of hotel stays and reservations on board its luxury cruise line.
Revenue at its main tourism division fell 15 percent to nearly euro3 billion from euro3.5 billion in the fiscal first quarter of 2008.
TUI is the German owner of Europe’s largest travel company the first-quarter loss was narrowed on the back of lower administration costs and by the partial disposal of the Hapag-Lloyd container line.
“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.
However the tourism firm believes conditions are improving with economic recovery as Tui said in a statement, underlying earnings at tourism and central operations will rise slightly year-on-year and “Bookings in the key source markets have improved notably in the past few weeks”.