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TUI sales are back in black

Berlin - German tourism and travel giant TUI that sales and underlying profits were on course to grow this year and likely be boosted by an imminent merger with its British subsidiary.

The group, which runs its financial year from October to September, said that it expected a jump in sales between 2 - 4% in sales for 2014-2015.

It said underlying or operating earnings, as measured by earnings before interest and tax, were set to reach around €1bn, a 10-15% rise.

TUI said the forecasts were expected to stand after its merger with TUI Travel to create the world's biggest tourism operator, due to officially go through this week.

Positive earnings

The company said net profit for the current fiscal year was back in the black, at €104.7m after the previous year recorded a loss of €11m.

The improvement was partly due to lower interest costs and one-off expenses.

The new company will have 74 000 employees and a combined stock market capitalisation of €6.5bn.
 

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