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TUI lost €1.42 billion due to the pandemic

TUI lost €1.42 billion due to the pandemic

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


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