TUI AG has returned to profit, just before it’s merger with TUI Travel.
Net profit after minorities was €104.7 million for the year ending September, up from a loss of €11.1 million the year before.
Chief executive Fritz Joussen said the company had ‘significantly outperformed’ its original targets thanks to an efficiency programme, that was ‘truly paying off’.
“We have now launched the growth phase, which will gain momentum through the successful merger with TUI Travel PLC,” he added.
Joussen forecast that the new merged group’s turnover would rise between 2% and 4% to the end of September 2015.
The €6.5 billion merger, which is due to complete on December 17, will create the world’s largest leisure tourism group.
"As a fully integrated tourism group, we are perfectly positioned for further, accelerated growth in the future. This will create value for our shareholders and secure jobs in the long term," added Joussen.
