February 13, 2018 / 6:06 AM / a year ago

TUI Group says summer trading good, takes hit from Niki insolvency

BERLIN, Feb 13 (Reuters) - European travel group TUI said summer trading was very good with bookings for Greece, Turkey and Cyprus all growing strongly.

The company narrowed its underlying core loss by more than half in the first quarter to 25.4 million euros ($31.3 million)and said it was on track to grow profits by at least 10 percent at constant currency this year.

TUI was last year hit by the insolvency of Air Berlin, taking a 15 million euro charge after having to renegotiate lease agreements that it had with Germany’s second-biggest airline.

It took another 20 million euro hit in the first quarter, this time a write-down linked to a wet lease contract with Niki, a former unit of Air Berlin which filed for insolvency in December. ($1 = 0.8118 euros) (Reporting by Victoria Bryan; Editing by Maria Sheahan)

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