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TUI AG swings to surprise net profit

Reuters - UK Focus

HANOVER, Germany, Dec 18 (Reuters) - German travel and tourism group TUI AG (Xetra: TUI1.DE - news) reported an unexpected net profit for the 2012/13 financial year, thanks to British and German demand for holidays and restructuring measures.

The group, which announced on Tuesday it would pay a dividend earlier than expected, reported full-year net profit after minorities of 4.3 million euros ($5.9 million), against expectations for a loss of 27.4 million euros in a Reuters poll.

It said it expected turnover to rise 2-4 percent in the current financial year to end September 2014, while underlying earnings before interest, tax and amortisation (EBITA) would increase by 6-12 percent from the 762 million reported for 2012/13.

TUI AG owns 54.48 percent of London-listed TUI Travel (LSE: TT.L - news) , Europe's largest tour operator.