- Turnover up around 7 per cent
- Group result up 21 per cent
- Full-year outlook confirmed: Turnover and operating earnings expected to grow
After the first half of the financial year, the TUI Group is on track. In the second quarter of financial year 2010/11, TUI AG continued to grow and achieved substantial improvements in the Group result. Turnover rose by around 7 per cent to almost 3.1 billion euro (previous year 2.9 billion euro). In the second quarter, operating earnings (underlying EBITA by Tourism and Central Operations) decreased by around 6 per cent to -256 million euro (previous year -240 million euro), driven partly by the crisis in North Africa. Nevertheless, the Group result improved by 21 per cent to a seasonal loss of 209 million euro (previous year -266 million euro).
In the second quarter, Hapag-Lloyd reported notable turnover and earnings growth. At 1.5 billion euro, turnover was almost 17 per cent up year-on-year (previous year 1.3 billion euro). Operating earnings climbed by 93 per cent to almost 26 million euro. This positive development was driven by the year-on-year rise in average freight rates of almost 10 per cent and the 2 per cent increase in transport volumes. The business performance was adversely impacted by a considerable rise in ship bunker prices. Accumulated turnover by Hapag-Lloyd for the first six months rose by 25 per cent to around 3 billion euro. Operating earnings for the first half of the year totalled almost 123 million euro (previous year -8 million euro).