The German leisure, travel, and tourism company, TUI Group, on Tuesday said it reduced its losses in the first quarter, as revenue rose on stronger demand and higher prices and rates.
In addition, the company has reaffirmed its full-year guidance. For the first-quarter, the Group reported a net loss of €83.5 million ($89.9 million), €0.24 per share, compared with a loss of €231.8 million or €0.89 per share, reported for the same period last year.
Pre-tax loss was at €103.1 million versus a loss of €272.6 million in the previous year. Earnings before interest and taxes (EBIT) was at €0.2 million as against a loss of €185.7 million a year ago.
Earnings before interest, taxes, depreciation and amortization (EBITDA) surged to €208 million from €58 million in 2022.
Underlying EBITDA stood at €208.5 million, higher than last year's €58.3 million. Revenue improved to €4.302 billion from €3.750 billion a year ago.
Looking ahead, for the full year, the group still expects an increase in underlying EBIT by at least 25%, on a revenue growth of at least 10%