LONDON TUI, the world’s largest tourism company, sunk to a 1.1 billion euro loss in its third quarter as the COVID-19 pandemic stopped it providing holidays, and said it had made progress with a cost cutting programme.
The company, which resumed holidays again in mid-June and said demand had returned, secured a second credit line from the German government on Wednesday, helping bolster its liquidity after COVID-19 wiped out revenues for three months.
TUI’s underlying EBIT loss of 1.1 billion euros for the three months to June 30 compared to the 102.3 million euros it made in the same period last year.
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