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TUI interim loss deepens but cruises perform well

TUI AG, the German tour operator that is listed in London, has reported a deeper operating loss for second quarter of its financial year, but says its cruise operations in Germany and the UK perform well.

Operating loss (EBITDA) of continuing operations deepened to €82.1 million in the three months to 31 march from €45.6 million in the same period a year earlier. Revenues rose to €3.10 billion from €2.97 billion.

Underlying EBITDA of the group’s cruise operations that comprise 100% of Hapag-Lloyd Kreuzfahrten in Germany, Thomson Cruises in the UK and 50% of TUI Cruises in Germany, rose to €47.0 million from€37.0 million.

Thomson Cruises was included in the cruise operations of TUI for the first time – previously it had been part of the UK – and the second quarter 2016 figure was restated to include Thomson Cruises.

“In the Cruises segment, advance bookings were up year-on-year with sound demand levels, primarily due to continued fleet expansion,” the company said in a statement.

Demand for cruises remains buoyant in Germany, and TUI said it remains pleased with the performance of the TUI Cruises fleet. The company will introduce the 2500 passenger Mein Schiff 6 soon.

“Thomson Cruises continues its programme of modernisation with the launch of TUI Discovery 2. The 1,800 berth ship, recently acquired from Royal Caribbean, will be based in the Mediterranean this Summer before moving to the Caribbean for Winter 2017 / 18. We are pleased with sales for the new ship, as well as the performance of the rest of the Thomson Cruises fleet,” TUI said.