Dec. 18 - German travel and tourism group TUI reports an unexpected net profit for the 2012/13 financial year and says it will resume dividend payments. As Sonia Legg reports it's partly thanks to British and German demand for holidays.
The revival of the package holiday helped TUI Travel's profits last week - this week it's the turn of its parent group TUI AG. The German travel and tourism group has just reported a surprise full year net profit of 4.3 million euros. Analysts had been predicting a loss of more than 27 million euros. It's partly down to a restructuring of the cruise and hotel operations under Chief Executive Friedrich Joussen. But an unexpected increase in customers is helping - particularly among Germans and Brits. TUI Travel which operates Thomson and First Choice, reported underlying operating profit up 13%. Merger talks between the TUI Travel and TUI AG were called off earlier this year but there's been recent speculation a transaction could be revived. AG owns almost 55% of TUI Travel, which is Europe's largest tour operator. Its shares rose almost 5% on the news and the group now plans to resume dividend payments. sparked a share price boost of nearly five percent.