TUI Posts Loss for Q2

Germany-based TUI AG has posted a loss of 524 million euros on revenues of 4.2 billion euros for its second quarter ended June 30, 2009, compared to a loss of 126.9 million euros on revenues of 6.3 billion euros for the same period last year. The drop in revenue came mainly from the discontinued container shipping operations. (TUI sold about 57 percent of Hapag-Lloyd container shipping company in March, but remains the largest shareholder.)
According to TUI, the loss was mainly attributable to a loss from Hapag-Lloyd, and interest rates on loans granted to the shipping company.

Of TUI’s core businesses, the Travel division’s revenues dropped to 4 billion euros from 4.6 billion euros last year; Hotels & Resorts saw its revenues increase to 106.3 million euros from 99.8 million euros last year; Cruises dropped to 44.6 million euros from 46.5 million euros last year; and Central Operations dropped to 16.9 million euros from 18.6 million euros last year.

TUI said the second quarter results for its cruise division included 2 million euros for the start-up of TUI Cruises; lower load factors – 71 percent – year-over-year, and a slight decline in average rates per day and per passenger.

Management said the decline in revenues was in line with expectations, adding that it maintained strong pricing despite declining customer volumes.

TUI said that in order to strengthen its financial structure as a matter of precaution, the company has launched an asset streamlining program covering the period up to 2012. Planned measures to be implemented will include the refinancing of assets previously owned by TUI, such as real estate, hotels and cruise ships.

In Germany, TUI owns Hapag-Lloyd Kreuzfahrten, with four small up-market ships, and 50 percent of TUI Cruises, with one large ship, a joint venture with Royal Caribbean Cruises, which launched service this past May.

TUI AG is one of Europe’s largest travel groups, including TUI Travel UK, which owns Thomson Holidays and Cruises. The UK results are included under the Tourism division.

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