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TUI reports turnover rise but operating result weakens in Cruise sector

TUI AG, the German tourism to container shipping group, has reported an increase in turnover in its cruise business, boosted by higher occupancy ratios and yields. However, operating result from the sector fell to a loss third quarter of the current financial year.

Operating earnings (underlying EBITA) totalled 0.2 million euro, a fall from from a 2.2 million euro in the third quarter and -3 million euro against -2 million euro for the first nine months of the previous financial year. “These earnings reflect the start-up cost for the fleet expansion in Hapag-Lloyd Kreuzfahrten and the cost required for Mein Schiff 2, operated by TUI Cruises, to enter service," the company said in a statement.

Turnover by the Cruises Sector amounted to around 49 million euro in the third quarter, almost 55 per cent up year-on-year (previous year 32 million euro). "This strong increase is of limited relevance, since the prior-year reference value included the effect of unscheduled dry-dock periods of a cruise ship."

In the first nine months, the Cruises Sector delivered turnover growth of around 10 per cent year-on-year to 145 million euro (previous year 132 million euro). The TUI Cruises joint venture is measured at equity in the consolidated financial statements so that its turnover is not shown here.

Hapag-Lloyd Kreuzfahrten increased the load factor on its vessels from 54.7 per cent to 75.7 per cent and the average rate from 367 euro to 390 euro per passenger per day in the third quarter.

TUI Cruises improved the load factor on its fleet from 92.7 per cent to 97 per cent and the average rate from 166 euro to 167 euro per passenger per day.

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