TUI AG, Europe’s largest tourism company, has abandoned its forecast for higher 2011 profits as unrest in north Africa put tourists off and in the face of a tough shipping environment.
TUI reported an 11 per cent fall in third-quarter underlying earnings and said profits for the year to September would only be in line with the previous year.
TUI said the weak dollar had led to a 9 per cent decline in turnover at shipper Hapag- Lloyd in the quarter, although it had managed to keep freight rates almost stable.
TUI AG is a majority shareholder in TUI Travel which owns Falcon Holidays.
READ MORE
– (Reuters)