Thomas Cook announced net losses of A£200 million and TUI Travel suffered a net loss of A£254 million (290 million euros, $415 million) in the first half as tour operators hit by unrest in key tourist spots Egypt and Tunisia, while it predicted more losses ahead.
Thomas Cook said losses after tax totalled A£200.8 million (228 million euros, $329 million) in the six months to March 31, slightly down on the group’s net loss of A£211.8 million in the first half of 2010.
“As previously reported, travel restrictions to Egypt and Tunisia early this year resulted in approximately 160,000 cancellations, of which 120,000 were for travel to Egypt and 40,000 to Tunisia,” Thomas Cook said in a statement. Thomas Cook added that its expected “a further financial impact of around A£35 million in the second half of the year”.
TUI chief executive Peter Long said, “TUI Travel’s performance was also affected by “the weak UK economic environment” and due to the fact that the Easter peak holiday season occurred this year in the group’s third quarter compared with the second in 2009/1”.