February 14, 2017 / 6:07 AM / 10 months ago

TUI Group says Q1 losses narrow

BERLIN, Feb 14 (Reuters) - European tour operator TUI reported a narrower loss for the first-quarter, although its German TUIFly unit was hit by costs of around 22 million euros ($23 million) due to staff calling in sick after a new strategy was announced in October.

The results came the day after the London-listed group announced the sale of a portfolio of specialist travel brands, collectively known as Travelopia, to KKR for an enterprise value of 325 million pounds ($408 million).

TUI reported an underlying loss before interest, tax and amortisation for the first three months of its current financial year of 66.7 million euros, a 17 percent improvement on last year. Tourism companies typically make losses during the winter months.

It maintained a forecast for core earnings to rise by at least 10 percent this year at constant currency levels. ($1 = 0.7972 pounds) ($1 = 0.9415 euros) (Reporting by Victoria Bryan; Editing by Ludwig Burger)

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