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TUI Group lost 85% of profit due to the ban for Boeing-737 MAX

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TUI Group lost 85% of profit due to the ban for Boeing-737 MAX
August 13
13:00 2019

After Boeing-737 MAX aircraft were banned for flights, the largest in Europe German tour operator TUI Group reported an 85% drop in quarterly profit.

The company’s losses have amounted to more than 140 million euros. According to the results of the third quarter of 2019, the profit (EBIT) has totaled100 million euros. Last year, by comparison, this figure was equal to 186 million euros.

Annual sales have increased 3.7% to 4.7 billion euros. In general, the operator is satisfied with the performance and remains optimistic about the annual forecasts.

Losses regarding the ban for 737 MAX have also affected the Boeing Company. The representatives of the corporation have reported on significant quarterly losses.

The flights of Boeing 737 MAX were suspended because of the two plane crashes. The first one happened in October last year, when 189 people died. The second aircraft crash in March took the lives of 157 people. After long trials, Boeing stated that malfunctions in the programs had caused the plane crashes. It is about the programs, which are responsible for the angle of the aircraft nose lift. In May, Boeing said that all defects had been remedied, and the corresponding software had been updated.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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