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09 Feb 2021 | 07:27

TUI plunges to €699m loss as Covid travel bans batter demand

(Sharecast News) - Holiday company TUI slumped to a €699m first quarter loss as Covid-19 lockdowns continued to hammer demand. The world's biggest travel operator said it planned to operate a summer schedule at 80% of 2019 capacity. TUI said it shared industry expectations of delayed bookings whilst vaccine programmes are underway, "the rollout of which will support the lifting of extensive travel restrictions".

TUI cut its monthly cash outflow to €300m against its own forecasts of €400m - €450m. Adjusted core earnings before interest and tax for the three months to December 31 were €699m, compared to a loss of €146.7m in 2019.

Revenue plunged to €468.1m compared with €3.85bn a year earlier.

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