• TUI profits down 40%

TUI Group, parent of TUI Travel, reported a 40% drop in net profits for the year to the end of September, to Eu101.8m.

The fall was attributed to disruption caused by the volcanic ash cloud earlier in the year, in addition to the sale of a stake in its container-shipping unit Hapag-Lloyd.  "Trading for the current winter season is up year-on-year in all European source markets, with some markets reporting substantial growth," said CEO Michael Frenzel.

See the full release here:
http://www.tui-group.com/en/ir/news/2010/December/2010_12_14

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