TUI Group Reports Q1 Results

Mein Schiff 6

TUI Group reported fiscal first quarter results today.

Average occupancy was noted at 88 percent for the TUI Cruises fleet, 65 percent for Hapag-Lloyd Cruises and 91 percent for Marella Cruises, all up year-over-year.

Average daily rates were 139 euro for TUI, 669 euro for Hapag-Lloyd and 157 euro for Marella Cruises.

Q1 2023 Cruises revenue, reflecting Marella Cruises solely (TUI Cruises is accounted for using the equity method). grew to €115.2m, an improvement of €81.1m year-on-year (Q1 2022: €34.2m),” the company said. “As a result, Q1 2023 underlying EBIT for the segment (including the equity result of TUI Cruises) was €0.2m, an improvement of €31.9m (Q1 2022: €-31.7m loss) with both TUI Cruises and Marella contributing to the positive development and highlight the continued improvement across all brands supported by higher volumes as well as improved occupancies. This is the third consecutive positive quarter for our Cruises business with TUI Cruises achieving Q1 2023 EAT (earnings after tax) at €8m.”

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