HANOVER (dpa-AFX) - TUI AG (TUIFF.PK), a German leisure, travel and tourism company, reported Tuesday that its first-quarter Group loss attributable to shareholders was 256.1 million euros, compared to last year's loss of 384.3 million euros.
Underlying EBIT significantly improved, with the loss almost halved to 153 million euros from previous year's loss of 274 million euros.
Group revenue increased 58.3 percent to 3.75 billion euros from previous year's 2.37 billion euros.
The company noted that the results reflected good demand, with all business units fully operational in the reporting period. Around 3.3 million guests travelled with TUI in the period, one million more than in the prior-year quarter's 2.3 million guests.
TUI reported 8.7 million bookings for current Winter and Summer 2023, noting that demand in the last four weeks exceeds pre-crisis level with higher average prices.
For fiscal 2023, the company confirmed its forecast, expecting underlying EBIT to increase significantly.
TUI CEO Sebastian Ebel said, 'Swift implementation of the strategy is having an effect, booking dynamics for Summer 2023 are encouraging. Both strengthen our expectations.... On the basis of solid operational and economic development, the balance sheet is to be further strengthened: at the Annual General Meeting, the final step towards refinancing the state aid is to be initiated.'
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