Business

TUI sinks to first-quarter loss on journey restrictions

tui-sinks-to-first-quarter-loss-on-journey-restrictions

Passengers board on the TUI bus at Palma de Mallorca airport on June 18, 2020 in Palma de Mallorca, Spain.

Clara Margais | Getty Images

TUI Group, the world’s biggest holiday company, sunk to a 699 million euros ($844 million) loss in its first quarter, but said it had cut costs to limit the impact of another period hit by lockdowns and travel restrictions.

For the three months to the end of December, TUI said it cut its monthly cash outflow to 300 million euros, from an expected level of 400 to 450 million euros.

That meant its adjusted core earnings (EBIT) for the quarter came in at 699 million euros, compared to the loss of 146.7 million euros for the same period in 2019.

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Steven Gregory