TUI is pressing ahead with its plans to offload its shipping division, Hapag-Lloyd.
The company, which wants to focus on its travel and tourism business, said it expects the divestment to happen “swiftly” but refused to be drawn on speculation about potential buyers.
The update was given as TUI AG announced its key financials for the first quarter of 2008 in advance at its 49th Annual General Meeting.
Turnover by the Group’s divisions rose by around 24% to around €5.1 billion while underlying earnings by divisions account was minus €196 million, for seasonal reasons, compared with minus €248 million last year. This represents a year-on-year increase of 21%.
In the first quarter of 2008, turnover by the tourism division grew by around 38% to around €3.6 billion.
TUI said this growth was essentially attributable to the consolidation of the former First Choice activities.
Operating earnings by tourism (underlying EBITA) rose slightly by 1.3% year-on-year to a seasonally induced minus of €227 million.
Adjusted for the profit contributions of First Choice, to be included in consolidation for the first time in the first quarter of 2008, operating earnings climbed by more than 37% to minus €144 million year-on-year.
TUI AG will publish detailed information on the first quarter of 2008 on Thursday May 15.
By: Bev Fearis
