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TUI sinks to 699 mln euros Q1 loss on travel restrictions

LONDON, Feb 9 (Reuters) - TUI Group the world’s biggest holiday company, sunk to a 699 million euros ($844 million) loss in its first quarter, but said it had cut costs to limit the impact of another period hit by lockdowns and travel restrictions.

For the three months to the end of December, TUI said it cut its monthly cash outflow to 300 million euros, from an expected level of 400 to 450 million euros.

That meant its adjusted core earnings (EBIT) for the quarter came in at 699 million euros, compared to the loss of 146.7 million euros for the same period in 2019. ($1 = 0.8280 euros) (Reporting by Sarah Young; editing by James Davey)

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