TUI realized a turnover of 71.8 million euros in the second quarter, a decrease of 98.5 percent compared to the same period last year. At that time the turnover was still 4.74 billion euros. The travel organization also announced a loss of more than 1.4 billion euros on Thursday.
By cutting costs, TUI hopes to achieve cost savings of 300 million euros this year. In total, the operating costs on an annual basis are now structurally 30 percent lower, the travel organization writes.
Due to the large losses, TUI was forced to borrow another 1.2 billion euros from the German government on Wednesday. The company hopes to perform it until the spring of 2021. Around that time, the travel company expects a cautious recovery of the travel industry. TUI, the number of bookings for the following summer is now 145 percent higher than the number of bookings for the summer of 2020 that came in last year.
Much of TUI’s journeys resumed in June, with 1.7 million bookings coming in so far. Last month, the travel company was able to welcome half a million holidaymakers.
Should there be a second corona wave with new restrictions and lockdowns, TUI is prepared for this, says CEO Fritz Joussen. “With the second loan from the government, we are in good shape, should tourism be affected again.” The available financial resources of the travel organization now amount to 2.4 billion euros.
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