TUI warned its profit would fall by at least 200 million euros ($225 million) th...
FRANKFURT - TUI warned its profit would fall by at least 200 million euros this year after the grounding of Boeing’s 737 MAX aircraft, further evidence of the financial impact of two fatal crashes involving the same type of plane.
Tour operator TUI, whose fleet includes 15 737 MAX planes, a tenth of its total, expects flights to resume by mid-July at the latest. TUI said on Friday it was “utilizing spare aircraft of its fleet, extending expiring leases for aircraft that were supposed to be replaced by 737 MAX aircraft, as well as leasing in additional aircraft” to soften the blow for travelers.TUI said it now expects underlying earnings before interest, tax and amortization to fall by 17 percent, having previously expected the figure to be on a par with the 1.18 billion euros generated in 2018.
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