TUI trims first-quarter loss

TUI made a £166 million ($270 million) pre-tax loss in its first quarter ended 31 December 2013, an improvement on the same period of 2012, when it incurred a £181 million loss.

Revenue was flat at £2.7 billion. Across the group, only the accommodation and destinations segment was profitable, generating £6 million.

The Germany-based tour operator says it has now sold 85% of its winter 2013/2014 programme with “higher average selling prices in most source markets”. It is also seeing an 8% increase in online bookings for its summer 2014 programme.

It predicts a first-half loss “broadly in line” with the previous year’s.

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