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Tui repatriated around 5,000 passengers from Abu Dhabi(David Davies\/PA) \u00b7 David Davies <\/p>\nHoliday giant Tui said the Iran war cost it around 40 million euros (\u00a334.8 million) last month after it was forced to repatriate thousands of holidaymakers and staff.<\/p>\n
Europe\u2019s largest travel operator cut its profit forecast and suspended revenue guidance as a result, sending it shares lower.<\/p>\n
The company is among travel firms to have been significantly disrupted by the conflict in the Middle East, which began at the end of February.<\/p>\n
It is also among airline firms to face pressure from a surge in jet fuel prices after the conflict pushed up the price of oil.<\/p>\n
On Wednesday, Tui told shareholders that it had to absorb 40 million euros worth of costs in March due to \u201crepatriation efforts and related operational disruptions\u201d.<\/p>\n
Following the start of the war, Tui repatriated around 5,000 passengers from two cruise ships anchored in ports in Abu Dhabi.<\/p>\n
Tui repatriated around 5,000 passengers from Abu Dhabi(David Davies\/PA) \u00b7 David Davies <\/p>\n
The cruise ships remain at the ports and have their itineraries cancelled until mid-May due to the hostilities.<\/p>\n
Another 5,000 European customers in the region were also repatriated back to their home countries, after destinations such as Cyprus, Turkey and Egypt were affected.<\/p>\n
The company said it also repatriated a further 1,500 staff members.<\/p>\n
\u201cThe ongoing conflict in the Middle East and the uncertainty surrounding its duration continue to limit near-term visibility and drive consumer caution,\u201d Tui added.<\/p>\n
The Frankfurt-listed company reduced its profit guidance as result.<\/p>\n
It is on track to deliver a full-year operating profit of between 1.1 and 1.4 billion euros, down from previous targets of roughly between 1.5 and 1.6 billion euros.<\/p>\n
Tui said the geopolitical backdrop as seen some of its customers shift demand from eastern Mediterranean destinations to more western holiday locations.<\/p>\n
A Tui flight leaving from Gatwick Airport (Gareth Fuller\/PA) \u00b7 Gareth Fuller <\/p>\n
Customers have also show \u201cincreased caution and booking closer to departure dates\u201d across its markets and airline, and hotels and resorts businesses.<\/p>\n
Booked revenues for its markets and airline arm are down 7% for this summer compared to last year as a result, with hotel occupancy also down 7%.<\/p>\n
The company added: \u201cDespite the volatile geopolitical backdrop, Tui remains well positioned.<\/p>\n
\u201cThe group\u2019s strong financial position and robust balance sheet provide flexibility to navigate the current environment while executing its strategic transformation.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Holiday giant Tui said the Iran war cost it around 40 million euros (\u00a334.8 million) last month after…\n","protected":false},"author":2,"featured_media":78138,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[1990,34,28388,26285],"class_list":{"0":"post-78137","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-iran","8":"tag-conflict-in-the-middle-east","9":"tag-iran","10":"tag-operating-profit","11":"tag-tui"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/116448394212552083","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/78137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=78137"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/78137\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/78138"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=78137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=78137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=78137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}