TUI issues profit warning
TUI, Europe’s largest travel operator, has issued a profit warning and will not specify its expectations for 2003.
Sales for the TUI Group as a whole are expected to show a decrease of four or five percent for 2002, year-on-year. Pre-tax profits for the Group in 2002 are expected to be below 2001, at around €600 million.
In a statement the company said: “The TUI Group’s core business, tourism was significantly affected by the knock-on effect of the terrorist attacks on 11 September 2001, the continuing weakness of the German economy, and the further terrorist attacks on Djerba and Bali”.
Following a supervisory board meeting yesterday, the TUI board said it declined from issuing a statment for 2003 in light of economic and political uncertainty.
The Group reported a continuing trend for late bookings, and ongoing depression in German and UK markets. However, TUI said sales for the ongoing winter season for the Group as a whole were at the same level as last year, and that its no-frills venture, Hapag-Lloyd Express was performing well. TUI claims that since launch, around 350,000 trips have been sold.
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