Berlin, Feb 9 (AFP/APP): German travel giant TUI insisted it was confident of a summer recovery despite reporting a net loss of 803 million euros in the first quarter of its fiscal year on Tuesday. In a tourism sector devastated by the coronavirus pandemic, TUI reported an 88 percent drop in revenue to 468 million euros between October and December. The group, which has received state support since the beginning of the outbreak, also reported an adjusted operational loss of 699 million euros, further worsening its usual negative balance in the low-season. Yet TUI CEO Fritz Joussen said he remained confident ahead of the summer, noting as a cause for optimism the speed of the vaccination rollout in Great Britain, one of the group’s key markets. TUI has so far recorded 2.8 million bookings for summer 2021, around 56 percent of the amount recorded at this stage of 2019. “As expected, customers will book their summer holidays much later this year than in normal years. However, demand remains strong, people want to travel,” said Joussen. Average prices have also risen by 20 percent compared to 2019, while the group has trimmed its tourism offerings by a fifth. In January, TUI … Continue reading German travel giant TUI insisted it was confident of a summer recovery