The TUI Group has lost more than 3 billion euros in a year. Revenues and profits have plummeted since the corona crisis started.
The German TUI runs hotels, organizes cruises and holidays and has airlines in various countries, including the Netherlands. All those branches of TUI made a loss, because there was much less traveling and holidays. Most TUI hotels and resorts closed completely during the first corona wave. Cruises and holiday flights were also canceled en masse.
In the financial year from October 2018 to September 2019, TUI still generated a turnover of almost 19 billion euros and a profit of more than 500 million. From October 2019 to September this year, that turnover fell to less than 8 billion, with a loss of more than 3 billion.
Summer: at 80 percent
In mid-June, TUI was able to restart some of the activities because the corona measures became less strict. But lately there have been stricter measures in Europe. The company expects to operate at only 20 percent of capacity this winter season. By the summer TUI expects to be back at 80 percent of its capacity.
Since the corona outbreak, TUI has already received 4.8 billion euros in aid packages from the German government.
3 billion loss for TUI, expects 80 percent recovery in summer
Source link 3 billion loss for TUI, expects 80 percent recovery in summer