By Ian Walker
TUI AG said Thursday that it returned to cash flow for the first time since the coronavirus pandemic as it reported a near halved loss before interest and taxes.
The London-listed, German travel operator said cash flow was 320 million euros ($357.7 million) in the quarter before financing, adding that it resumed business activities in all European markets. "Demand for holiday travel remains unabatedly high," it said.
TUI made a loss before interest and taxes of EUR748.0 million for the third quarter ended June 30 compared with a loss of EUR1.46 billion for the same period a year earlier.
Underlying loss before interest and taxes--one of the company's preferred metrics which strips out exceptional and other one-off items--for the quarter was EUR669.8 million compared with a loss of EUR1.17 billion the year before, it said.
Revenue for the period rose to EUR649.7 million from EUR71.8 million in the year-prior period.
"Business is coming back and TUI's transformation is clearly having an impact," Chief Executive Fritz Joussen said.
Write to Ian Walker at ian.walker@wsj.com