The flight bans for boeing’s medium-haul 737 max jet are thwarting the already capped profit plans of global travel group tui.
Because the company has to rent replacement aircraft in series, tui chief executive fritz joussen expects significant losses for the current fiscal year through the end of september. In the end, operating profit could slump by more than a quarter, the travel group announced in hanover.
Investors on the stock exchange anticipated the slump in profits. The tui share price fell by more than ten percent in london this morning and was recently down by a good eight percent. Since the beginning of the year, the share has lost more than one-third of its value.