TUI First-Quarter Losses Narrow Down

European travel company TUI has shared that its first-quarter loss narrowed because of a gain from the sale of TQ3 Travel Solutions.

As per the information available, in the first quarter of the year, turnover in the tourism division fell slightly from €2.52 billion to €2.51 billion as customer numbers fell from 3.9 million to 3.7 million, partly due to Easter falling in the first quarter last year.

Losses in the tourism division narrowed as a result of the disposal of TUI´s business travel business, TQ3 Travel Solutions, from €178 million to €83 million. The company recorded a €144 million gain from selling TQ3 to BCD Holdings of the Netherlands.

Across the group, turnover rose 25 percent to €4.5 billion, while losses before interest, tax and amortization (EBITA), and excluding exceptional items, widened from €142 million to €169 million.

Including exceptional items, losses narrowed from €169 million to €45 million. The net loss shrank to €94.1 million, or $119 million, from €192.8 million a year earlier.