Travel group TUI posts annual loss of $3.6b on pandemic impact

TUI Group on Thursday posted an annual loss of E3b as the pandemic choked travel demand and finances of the world’s biggest holiday group, forcing it to seek multiple bailouts from the German government. The Hannover, Germany-based company said it will raise its cost-cutting targets to E400m annually from the previous level of E300m, trying to become more efficient to help pay off new debts taken on to survive the crisis. Last week, TUI secured a third bailout, striking a deal with the German government, private investors and banks for an extra E1.8b, on top of state loans of E3b it had already received. “The rapid measures to cut costs and secure liquidity are important for the Group. They are a stable foundation for the future,” TUI CE Fritz Joussen said. The company posted a loss of E3b, from E894m of underlying core earnings last year, while revenue came in 58% lower at E7.9b.<br/>
Reuters
https://www.cnbc.com/2020/12/10/travel-group-tui-posts-annual-loss-of-3point6-bln-on-pandemic-impact-.html?&qsearchterm=airlines
12/10/20