TUI Travel Plc has reported a loss of 99 million pounds on revenues of 2.7 billion pounds in its first fiscal quarter ended Dec. 31, 2010, compared to a loss of 124 million pounds on revenues of 2.4 billion pounds for the same period last year. TUI Travel includes Thomson Cruises.
According to Peter Long, CEO, the improvement over last year was driven by the company’s turnaround plan, synergy benefits and overall better performance. In a prepared statement, Long also noted “improved trading in the marine business.”
While the quarter was said to represent a good start to the year and with forward bookings being good, Long said that the company remains cautious due to the current economic and geopolitical situation. TUI is expecting the situation in Egypt and Tunisia to negatively affect second quarter results in the range from 20 to 25 million pounds. Programs from many source markets have been cancelled, but TUI is continuing operations from the UK market to Red Sea resorts while monitoring the situation