Losses more than double at holiday giant Tui

Holiday giant Tui has reported losses of €83.6m in the three months to 31 December 2018.

The company had reported losses of €36.7m for the corresponding period a year earlier.

The performance was impacted by the summer 2018 heatwave, according to a trading update from the group.

Tui reported a weak performance in its Markets & Airlines business, where the seasonal loss increased “significantly”. This was down to a number of factors including the hot summer, overcapacities in Spain arising from the shift in demand to the Eastern Mediterranean, and pressure on yields.

In Ireland, Tui operates holidays with direct flights from Dublin, Cork, Shannon and Ireland West Airport Knock.

Describing the performance as “in line with expectations,” the group said its product­ focussed strategy and investment in unique hotel and cruise brands continues to pay off.

Tui chief executive Fritz Joussen said: “Global trends for tourism remain intact.

“Tui is financially strong with a sound strategic and operational positioning.

“We are continuing to deliver our transformation as a digital platform company.”

(Additional reporting PA)

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