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Tui Q3 profits beat forecasts on strong demand, collapse of FTI
(Sharecast News) - Holiday company Tui on Wednesday posted better-than-expected third-quarter earnings on the back of strong summer demand and the collapse of German rival FTI.
The company, which is Europe's largest travel company, said underlying operating profit rose 37% to €232m in the three months to June, beating the €217m expected by analysts.
It also reiterated guidance for a 25% rise in operating profit this year and 10% increase in revenues.
FTI, which was the third-largest German operator after Tui and DER Touristik, filed for insolvency at the beginning of June and cancelled more than 215,000 cancelled package holidays, with an additional 60,000 package holidaymakers who were already on holiday with FTI at the time of the insolvency.
Reporting by Frank Prenesti for Sharecast.com
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