TUI Q3 EBITA falls on weak shipping, misses forecasts, downbeat on FY earnings

Third quarter EBITA was 529 mln eur compared with 709 mln last year, as cuts in freight rates and high costs hit its container shipping business.EBITA from continuing operations was forecast at 580 mln eur by analysts polled by AFX News.EBITA for the tourism division rose 25.3 pct to 584 mln eur, with Central Europe and Northern Europe offsetting losses in Western Europe, where profits dropped nearly 52 pct.EBITA at the shipping division swung to a loss of 25 mln eur compared with a profit of 95 mln last year, after including one-off expenses for the integration of British-Canadian container shipper CP Ships. Group sales were 6.739 bln eur, up from 6.222 bln, flattered by the first-time inclusion of CP Ships, which TUI took over last year.For all of 2006, TUI said it expects \"significant\" growth in sales, but the EBITA of its tourism and shipping divisions would be lower compared with 2005. marilyn.gerlach@afxnews.com mog/jfr COPYRIGHT Copyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited For more information and to contact AFX: www.afxnews.com and www.afxpress.com