Passengers board on the TUI bus at Palma de Mallorca airport on June 18, 2020 in Palma de Mallorca, Spain.
German travel giant TUI on Tuesday posted a quarterly profit of 6 million euros ($6.46 million), defying expectations on the back of upbeat travel demand.
The swing to profit vastly outstripped an analyst consensus forecast for a 102 million euro loss in underlying earnings before interest and taxation (EBIT), according to LSEG data. For the same quarter last year, Europe’s largest travel operator posted a 153 million euro net loss.
The group’s fiscal first-quarter revenue came in at a record 4.3 billion euros, up by 15% from the previous year, driven by higher demand at increased prices and rates.
Shares rose as much as 6% after the market open, but have since pared gains to just above 4% during early trade in Europe.
Travel giant Tui smashes earnings expectations as investors decide on London exit
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