Article Hero

TUI lost €1.42 billion due to the pandemic

1597317590.jpg
Miguel A. Rodriguez
Miguel A. Rodriguez
14 Septembrie 2020
It has been a difficult three months for 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 


disclaimers_articles

article_share_title

article_rating_title

awful
ok
great
awesome

read_more

Miguel A. Rodriguez
Miguel A. Rodriguez
financial_writer

Miguel a lucrat pentru instituții financiare importante, precum Banco Santander și Banco Central-Hispano. De asemenea, a publicat cărți despre Forex.