By Majorca Daily Bulletin reporter
The German Tourist Group, TUI has announced losses of more than 2,400 million euros for October 2020-June 2021, causing a ripple of panic at small, medium and large hotel chains in the Balearic Islands.
TUI also announced a fall in turnover to 1,365.9 million euros in the first nine months of its current year, because of the worldwide Covid travel restrictions, which is a drop of 79.6%.
“As soon as travel restrictions are lifted in the markets, reservations will increase significantly,” said a TUI spokesperson.
Next week, TUI Germany CEO, Sebastian Ebel and Managers from the UK will travel to Palma to try to calm fears amongst the island's hoteliers, carriers and tourist companies.
TUI has also announced that it's postponing payments that are pending for a month, due to lack of liquidity and instead of paying every month, they will pay in 60 days.
“Where the state returns to normal business freedom, we are very successful, where states intervene and restrict business freedom, these interventions impact reservations,” said TUI Group CEO Fritz Joussen.
"The Balearics, especially Mallorca, the Greek islands of Crete and Rhodes, are amongst the most popular destinations for TUI customers this summer season,” TUI said in a statement issued by company Headquarters in Hanover.
Capacity for the summer months of 2021 has been revised downwards to 60% of what it was in 2019. In May TUI said that its operations for this year stood at 75%.
August 13, 2021 at 02:10PM
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