TUI Travel cuts loss but Island Cruises slows down

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TUI Travel cuts loss but Island Cruises slows down

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03-25-2008, 02:03 PM

Ally

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TUI Travel cuts loss but Island Cruises slows down

Quote:

TUI Travel, the UK based tour operator, reduced net loss in the first quarter of the financial year that ended 31 December 2007 to £98 million from £164 million in the same period a year earlier. However, its Island Cruises joint venturee with Royal Caribbean Cruises Ltd (RCCL) appears to have done less well as EBITA of businesses under joint venture and associates became negative by £0.7 million against a positive figure of £1.0 million a year earlier. TUI Travel reduced capacity in the UK for winter 2007/08 by 11%, while sales rose by 4%. For the summer, sales are up 9% on 13% less capacity. There was 20% less unsold inventory for the forthcoming summer season on the UK market than at the end of the first quarter of the previous financial year. Sales in Western and Central Europe were up by 6% and 4% respectively and the board said it is confident that the company will reach its previously stated objectives for the current financial year that will end on 30 September 2008

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