Salem Radio Network News Saturday, October 1, 2022

Business

TUI says flight disruption costs weigh on Q3 results

(Reuters) – Holiday group TUI posted a third-quarter operating loss on Wednesday due to additional costs related to the air traffic disruptions across Europe, but said summer bookings were close to pre-pandemic levels.

TUI, one of the world’s largest tourism groups, reported a smaller underlying operating loss of 27 million euros ($27.58 million) for the three months ended June, compared with a loss of about 670 million euros a year earlier.

Excluding additional costs of 75 million euros for disruptions in air traffic, adjusted operating profit stood at 48 million euros for the third quarter, its first positive result since the COVID-19 crisis started.

($1 = 0.9789 euros)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich)

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