Travel group TUI says it took a hit from global slowdown

TUI, a leading European tour operator, said yesterday that 2009 sales had suffered from the global economic crisis, but it posted a nearly 10-fold leap in net profit owing to the partial sale of a key shipping stake.

TUI presented earnings for the nine months from January to September which also served as full year results because the company is shifting to a fiscal year that will run from October to September.

Compared with the first nine months of 2008, TUI's net profit was multiplied nearly 10 times to €401 million, owing mainly to the sale of most of the group's shares in the shipping company Hapag Lloyd.

TUI will retain a 43 per cent holding in the company but its results will no longer be included in TUI's operating results.