By Anthony O. Goriainoff
TUI AG said Wednesday that its EBIT loss narrowed for the third quarter of fiscal 2022 as customers rose 84% compared to 2019, and that it expects to return to positive underlying EBIT for the full year.
The London-listed, German travel operator said that it almost broke even in the period despite additional costs of 75 million euros ($76.6 million) related to air traffic disruptions, and that the booking momentum continued to be encouraging with average prices being significantly higher than in 2019.
TUI said its loss before interest and taxes was EUR42.5 million for the quarter ended June 30 compared with a loss of EUR748.0 million for the third quarter of fiscal 2021.
Underlying EBIT loss--one of the company's preferred metrics which strips out exceptional and other one-off items--for the quarter was EUR27 million compared with a loss of EUR669.8 million the year before, it said.
Revenue rose to EUR4.43 billion from EUR649.7 million in the year-prior period. One analyst polled by FactSet had a revenue estimate of EUR4.30 billion.
The company said that bookings were at 90% of the levels seen in 2019, with 11.5 million customers booked for summer 2022. It added that bookings for July and August were at 94% of the level seen in summer 2019, and that it expects to reach almost the same level of bookings in summer 2022 as in 2019.
Write to Anthony O. Goriainoff at email@example.com