p14-15 City May 15 13/5/09 16:09 Page 15
ttglive.com
city & finance news
Tui AG value falls
Tui Travel stems slowing sales
14% after update
Lee Hayhurst.
Tui Travel had 2,500 people in Mexico when
TUI AG, the parent company of Tui Travel, saw TUI TRAVEL’s sales volumes for the past two the swine flu outbreak started, of which just
its value fall 14% following the release of its months were 11% down on last year, but prices 10% were said to have taken up an offer of early
first-quarter results as a key investor looked to were 10% higher. repatriation.
mount another bid to oust the chairman. However, the bookings figure marks a relative Tui also reported that there was continued
John Fredriksen, who owns 16.8%, was improvement, with the operator’s overall strong demand for non-euro destinations
expected to ask shareholders to depose Jurgen year-on-year deficit standing at 17%. such as Egypt and Turkey, and for all-inclusive
Krimnow on Wednesday, although it was thought Much of this reduction in bookings was down properties, which Tui said was accounting for an
he would be unlikely to succeed. to capacity already taken out of the market increasing proportion of its business.
Tui AG’s results saw it return to profit following which Tui said had left it with less The operator said winter
the ¤900m sale of a 57% stake in its shipping to sell than at this time last year. 2008-09 business had closed at
division, Hapag-Lloyd. “Customer volumes are in line the end of April “in line with
But without that, operating losses increased with capacity reductions. As a re- expectations”.
to ¤342.2m in the first quarter, up from ¤213.7m sult, the programme load factor “As a consequence of our ac-
in the same period last year. is now 58%, which is flat versus tions to reduce capacity, which
Tui AG’s tourism division, which includes the last year,” a statement said. resulted in us having significantly
UK’s Tui Travel, saw its operating losses increase Tui said increased demand for less stock left to sell in the lates
by 25% to ¤276m. long-haul holidays was up 2%, market, we were able to main-
although capacity had switched tain strong pricing throughout
Cook sell-off? There are fears that Thomas from Mexico since the swine flu the lates selling period.
Cook’s German parent Arcandor might be outbreak in the last two weeks. “We achieved our target
forced to sell some of its stake in the firm, as As a result other long-haul
xico
load factors, although there was
part of its debt refinancing saw its shares fall destinations were up, including V
isit Me
slight weakness in March as a
13.5% on Monday. Arcandor owns 52% of Cook. Jamaica, up 30%, Egypt, up 23%, Baja California Sur, Mexico: Tui result of Easter falling in April
and Dominican Republic, up 19%. sales have fallen since swine flu this year,” it said.
AS/Fjord Norway
T
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