Preussag loses £107m in first quarter
Preussag today reported its tourism division lost £107m during the first three months of its 2002 financial year.
The company said the loss was due to the knock-on effects of fewer bookings during the 2001/02 winter season post-11 September. Overall tourism turnover was £1.3bn, 10.7% below last year.
Despite a “restrained” start to its financial year, the company said: “In total, the decline in bookings across the Group to the end of May is minus 7.9 per cent compared to minus 8.5 per cent in April. The tourism division was primary affected by the different national economic situations.
“The shortfall in bookings in the German market at 14.2 per cent is therefore the largest compared to the previous year. Business in the UK is much better, and bookings rose further here after Easter as well and the shortfall in bookings is now only 2.7 per cent.”
Dr Michael Frenzel, Preussag executive board chairman, said: “The tourism business is developing very differently in each of the source markets. This confirms that we chose the right course with our pan-European strategy. The cost measures we introduced will help us to stabilise our results.”
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