- Title: TUI says robust business outweighs 737 MAX grounding, upholds outlook
- Date: 13th August 2019
- Summary: DUESSELDORF, GERMANY (OCTOBER 7, 2016) (REUTERS) TUI SIGNS AT CHECK-IN DESKS VARIOUS OF PASSENGER STANDING AT CHECK-IN DESK PEOPLE IN DEPARTURES HALL RENTON, WASHINGTON, UNITED STATES (MARCH 27, 2019) (REUTERS) VARIOUS OF BOEING 737 MAX PLANES BEING MANUFACTURED AT BOEING'S RENTON FACILITY
- Embargoed: 27th August 2019 11:48
- Keywords: TUI results Boeing 373 MAX grounding
- Location: MANCHESTER, ENGLAND, UNITED KINGDOM / PALMA DE MALLORCA, SPAIN / DUESSELDORF, GERMANY / RENTON, WASHINGTON, UNITED STATES
- City: MANCHESTER, ENGLAND, UNITED KINGDOM / PALMA DE MALLORCA, SPAIN / DUESSELDORF, GERMANY / RENTON, WASHINGTON, UNITED STATES
- Country: United Kingdom
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA002AS1V6OD
- Aspect Ratio: 16:9
- Story Text: European travel and tourism operator TUI said on Tuesday that robust business outweighed problems with the grounding of Boeing's 737 MAX jets in its third quarter and it upheld its earnings outlook for the full year.
TUI stuck to its guidance for underlying earnings before interest, taxes, and amortisation (EBITA) to fall by up to 26% from last year when it was 1.177 billion euros ($1.32 billion).
TUI Chief Executive Fritz Joussen in a call with journalists cited efficiency drives and cost reductions, but noted uncertainty around Brexit, aviation overcapacity to Spain and delayed bookings in the summer.
Underlying core earnings (EBITA) declined by 46% year-on-year to 100.9 million euros, in particular due to the impact of 144 million euros in costs resulting from the grounding of the 737 MAX.
Group turnover rose by 3.7% to 4.745 billion euros.
(Production: Michele Sani) - Copyright Holder: FILE REUTERS (CAN SELL)
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