TUI AG expects to return to growth in 2010/11 amid a broad economic recovery, the German tourism group said on Tuesday while reporting a slight drop in nine-month operating earnings.
TUI, owner of Europe's largest tour operator TUI Travel , said it expects a stable performance in its core business in 2009/10 and a loss at its former container shipping unit Hapag-Lloyd. TUI still holds 43 percent in Hapag-Lloyd.
"Even if 2010 will continue to be impacted by the global economic crisis, we expect operating earnings in our core business to post a stable performance," said Chief Executive Michael Frenzel.
For 2010/11, TUI said it expects sales and operating earnings to rise "provided the economy picks up again."
The comments follow similar upbeat remarks by TUI Travel, which reported results on December 1.
TUI said late on Monday that its finance chief of 21 years, Rainer Feuerhake, would retire next year and named head controller Horst Baier, 53, as his successor.
TUI changed its business year to end in September rather than December to reflect the reporting of the tourism industry after it sold a majority stake in Hapag-Lloyd this year.
Its stub 2009 or nine-month underlying earnings before interest, tax and amortisation (EBITA) fell 1.2 percent to 656.6 million euros (590 million pounds) on sales of 13.1 billion euros, down 13.8 percent. TUI shares were indicated 0.8 percent higher in Frankfurt, according to pre-market data from brokers ahead of the market opening at 8:00 a.m. British time.
TUI, owner of Europe's largest tour operator TUI Travel , said it expects a stable performance in its core business in 2009/10 and a loss at its former container shipping unit Hapag-Lloyd. TUI still holds 43 percent in Hapag-Lloyd.
"Even if 2010 will continue to be impacted by the global economic crisis, we expect operating earnings in our core business to post a stable performance," said Chief Executive Michael Frenzel.
For 2010/11, TUI said it expects sales and operating earnings to rise "provided the economy picks up again."
The comments follow similar upbeat remarks by TUI Travel, which reported results on December 1.
TUI said late on Monday that its finance chief of 21 years, Rainer Feuerhake, would retire next year and named head controller Horst Baier, 53, as his successor.
TUI changed its business year to end in September rather than December to reflect the reporting of the tourism industry after it sold a majority stake in Hapag-Lloyd this year.
Its stub 2009 or nine-month underlying earnings before interest, tax and amortisation (EBITA) fell 1.2 percent to 656.6 million euros (590 million pounds) on sales of 13.1 billion euros, down 13.8 percent. TUI shares were indicated 0.8 percent higher in Frankfurt, according to pre-market data from brokers ahead of the market opening at 8:00 a.m. British time.