TUI confirms sale of shipping stake
TUI has confirmed the sale of a 17.4% stake in container shipping line Hapag-Lloyd as it released its first quarter results.
The sale to investor Albert Ballin for 475 million euros will reduce TUI’s stake in the shipping business to 22%.
TUI AG has reported its first quarter results are in line with what was expected despite an operating earnings’ loss of 147 million euros.
The German owned travel giant said it reflected the political unrest in North Africa which had been anticipated and it expects the overall Group result for the year to be positive.
Operating losses for TUI Travel were 130 million euros – rising by 16% on last year – primarily due to less demand for North African destinations although the operators said in central Europe decline in bookings to North Africa was partly offset by increased demand for the Canaries.
Turnover rose by around 5% which the operator attributes to selling more differentiated product.
TUI Travel also benefitted from temporarily moving aircraft from the UK to Canada and the Nordics which enabled it to get satisfactory load factors despite a weak consumer environment in the UK and a decline in demand for North Africa.
Pre tax profits for TUI Hotels & Resorts rose to 13 million euros – up 31% on the previous year – which was mainly due to a better performance from RIU hotels.
Cruise performance was described as ‘stable’ with a loss of 8 million euros reflecting a scheduled dry dock for MS Europa, start up costs in Hapag-Lloyd Kreuzfahrten and expenses due to the expansion of the TUI Cruises fleet.
Diane
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