TUI Travel majority shareholder sees net profits slide
Tuesday, 15 Dec, 2010
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TUI Travel’s German major shareholder TUI AG suffered a net profit landslide of 40% to €101.8 million for the last financial year.
The company owns 55% of TUI Travel but hopes to buy up the rest of the shares once it has flogged off container shipping business Hapag Lloyd, a remnant of its years in heavy industries.
However, once restructuring costs and spring’s ash cloud are taken into account, TUI AG actually experienced a rise in underlying profits from €589.2 million this year, compared to €470.5 million in 2008/9.
TUI AG chief executive Michael Frenzel said: “Trading for the current winter season is up year-on-year in all European source markets, with some markets reporting substantial growth.”
by Dinah Hatch
Dinah
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