Tourism Giant TUI Group Bears Up Under European Heat and Maintains Sunny Outlook
Photo Credit: TUI Group aircraft. The company reported a fall in profits. TUI Group
Skift Take
Just like Ryanair in the airline industry, TUI's relative strength means that it is able to weather external factors much better than its rivals.
Hot weather across most of northern Europe and weakness in its traditionally strong UK market put a dent in TUI Group’s profit during the third quarter.
The Hanover, Germany-based travel company, which runs hotels, cruise ships and tour operators, saw pre-tax earnings slip 27.4 percent to $171 million (€147.5 million) in the three months up to the end of June. Revenue increased 5 percent to $5.8 billion (€5 billion).
The UK was just one problem for TUI with others including its French source market and air traffic control strikes.
