Global tourism giant announces loss of 1.1 billion euros due to covid-19 pandemic
It is no doubt 2020 has been a terrible year for majority of the tourism companies, on a global scale. TUI which is the largest among these companies has announced a loss of 1.1 billion euros in the months of May and June due to covid-19 pandemic.
TUI is a Germany based group of companies with on-site tour operators, hotels and airlines and is known to bring the highest number of tourists to Turkey, each year.
The company which restarted its tour operations in mid-June, announced that holiday demand had resumed and that it would receive a second loan from the Berlin government.
TUI said it would be difficult to make a forecast for the end of the year if the pandemic continued to hit the tourism sector stressing that hopes of a possible recovery in the summer had been spoiled by new restrictions from the UK and Spain.
The German company, which announced they would consider € 300 million a year in cost cuts will downsize its fleet at airline subsidiary TUI fly, restructure the French market and close 166 centers in the UK. The statement also said bookings for the summer of 2021 had reached 145 per cent.
