TUI AG reports 98% slump in group revenue for Q3 FY20; stocks decline over 4%

  • Aug 13, 2020 BST
  • Team Kalkine
TUI AG reports 98% slump in group revenue for Q3 FY20; stocks decline over 4%

 

TUI AG (LON: TUI) has released its quarterly statement for the period from 1 October 2019 to 30 June 2020.

  • The company has stated that reflecting business standstill for most of the quarter with partial operations successfully resumed from mid-May, the Group revenue slumped by 98 per cent to €75 million.
  • The business suspension for most of the quarter, impairments triggered by COVID-19 and net costs arising from ineffective hedging contracts resulted in Q3 Group underlying EBIT loss of €1.1 billion.
  • On the operational front, the group’s all three Cruise operations remained suspended throughout the quarter, sticking to both UK and German government advice on cruising.
  • On 13 August 2020, at the time of writing, GMT 10:45 AM, TUI shares were trading at GBX 350.70, down by 16.60 points or 4.52% against the previous day closing price.

 


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