StockMarketWire.com - Tourism group TUI narrowed fourth-quarter losses after an easing of pandemic restrictions boosted sales.

Pre-tax losses for the three months through September amounted to €71 million, compared to year-on-year losses of €836 million.

Revenue jumped to €3.37 billion, up from €1.23 billion, while underlying operating losses narrowed substantially to €97 million.

Winter 21/22 bookings were 62% of winter 18/19 levels.

TUI said trading continued to be in line with winter capacity assumption of ~60% to ~80%, with the first quarter already 93% sold.

'If current sentiment prevails, winter capacity will likely be modified towards the lower end of our assumptions,' it added.

TUI refrained from providing broad guidance for the new financial year.

'It remains difficult to forecast the further course of the pandemic and its impact on customer behaviour,' the company said.

'In view of the uncertain environment, the Executive board believes it would not be appropriate to issue a specific forecast for the new financial year 2022 at this time.'


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