Profits ahead at TUI Travel

TUI Travel, Europe's largest tour operator, reported higher third-quarter profit as average prices for package tours rose and more clients booked online. Underlying operating profit was £92 million (€115m) in the three months until the end of June, England- based TUI Travel said in a statement, 21 per cent higher than last year.

Sales fell 2 per cent to £3.8 billion as the number of customers in the company’s mainstream business declined in the summer season. Average selling prices in that business climbed 1 per cent.

“As the trading environment in the commodity space has become more competitive and airline capacity continues to increase, our flexible business model enables us to deliver sustainable, profitable growth and outperform the market,” chief executive Peter Long said in the statement. – (Bloomberg)