TUI AG narrows loss as tourists return to N Africa
German travel and tourism group TUI AG said demand for holidays to North Africa was recovering, although not yet fully, as it reported a smaller than expected second-quarter loss of 224 million euros ($289.7 million).
"With the exception of the French travel market, we are observing a stabilisation of demand," the group, which controls Europes largest tour operator TUI Travel, said in its second-quarter report on Thursday.
Tour operators such as TUI Travel and rival Thomas Cook were hit hard last year as European tourists shied away from North African destinations like Tunisia and Egypt following uprisings.
Tourists are now returning, though many do not expect numbers to recover to pre-uprising levels until next year, maybe even longer for Egypt.
TUI AG also on Thursday confirmed an outlook for moderate turnover growth and a slight improvement in underlying earnings before interest, tax and amortisation
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