The German government steps in to help TUI
The world’s largest leisure, tourism, and travel company, TUI AG, posted today its quarterly earnings. The figures that came in reflect the pandemic’s effect over the hospitality and travel sectors.
For Q2, TUI’s net loss was of €1.42 billion. Last year it had a profit of €22.8 million.
Its quarterly turnover figures came lower than the €837.8 million forecasted at €71.8 million. However, this year’s results are higher than last year’s €4.75 million.
Impairments caused by the pandemic and the increased net costs from hedging contracts made the Germany-based London-stock-exchange-listed company post a loss before taxes and interest of €1.1 billion.
To partially get back on its feet, TUI will receive from the German government a stabilization package worth €1.2 billion.
At the moment of writing, TUI stock price lost 4.94%.
On CAPEX.com you can read about the latest earnings reports!
Sources: finance.yahoo.com, marketwatch.com
This information is prepared for general circulation. It does not regard to the specific investment objectives, financial situation or the particular needs of any recipient.
You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.
This information may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Company’s prior written consent. Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of za.capex.com