MIAMI – TUI Group has reported a full-year earnings loss of €3bn before interest and taxes (EBIT) due to the COVID-19 pandemic crisis. The travel operator also suffered a 58% fall in its revenue, recording a profit of €7.9bn.
During October 2019 and February 2020, the group was “very successful.” However, after the first five months of the 2020 financial year, the situation completely changed for the Group as the pandemic took its toll in the industry. As a result, the company cut all travel activities amid the now familiar worldwide travel restrictions.
With this balance sheet on the table, the group read more ⇒
Source:: “Airways Magazine”