By Ian Walker and Sabela Ojea
TUI AG on Wednesday reported a narrowed net loss for fiscal 2021, which missed full-year market expectations, and said that the first winter quarter of 2022 is nearly fully booked.
The London-listed, German travel operator said the first quarter of 2022 is expected to be in the range of 60% and 80% of pre-pandemic levels in 2019 in terms of bookings. The company also anticipates reaching normalized booking levels for summer 2022.
TUI posted a net loss for the year ended Sept. 30 of 2.47 billion euros ($2.78 billion) compared with a loss of EUR3.15 billion for the same period a year earlier and a consensus loss of EUR2.31 billion, taken from FactSet and based on 10 analysts’ forecasts.
Underlying loss before interest and taxes–one of the company’s preferred metrics which strips out exceptional and other one-off items–was EUR2.08 billion compared with a loss of EUR3.00 billion.
Revenue for the period fell to EUR4.73 billion compared with EUR7.94 billion in the year-prior period and a consensus of EUR6.37 billion, taken from FactSet and based on 16 analysts’ forecasts.
Write to Ian Walker at email@example.com and Sabela Ojea at firstname.lastname@example.org; @sabelaojeaguix
Corrections & Amplifications
This item was corrected at 0725 GMT to reflect that TUI AG’s FY 2021 pretax loss narrowed. The original headline incorrectly said it widened.
TUI AG on Wednesday reported a narrowed net loss for fiscal 2021. “TUI FY 2021 Pretax Loss Widened, Missing Market Views,” at 0705 GMT, incorrectly said that pretax profit widened in the headline.
This article was originally published by Marketwatch.com. Read the original article here.