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TUI Withstands Turkey Shock as Full-Year Earnings Edge Higher

  • Summer sales, customer numbers rose even amid Turkey turmoil
  • Tourism company sees operating profit rising as much as 13%

TUI AG, Europe’s largest tour operator, said full-year earnings will probably beat its forecast after the company managed to keep its hotels and cruise ships full this summer even with a shift in business from the eastern to western Mediterranean prompted by terrorism attacks in Turkey.

Underlying earnings before interest, taxes and amortization in the year ending Sept. 30 will rise by 12 percent to 13 percent at constant currencies, Hanover, Germany-based TUI said Wednesday in a statement. That compares with an earlier prediction of at least 10 percent growth. Sales and customer numbers from its source markets rose 1 percent as prices remained flat. Excluding travel to Turkish destinations, bookings from those markets advanced 7 percent.