German travel company TUI Group reported a dip in profitability in its latest quarter as the company struggled to shake pressures from the Iran War.
EBIT fell 27% to €233.8 million (nearly $270 million), including a roughly €20 million ($23 million) hit tied directly to the Iran war. Total impact from the war across segments was estimated at €60 million ($69 million) for the first nine months of the fiscal year, with the conflict spurring cruise ships stuck in Middle Eastern ports, repatriation costs to fly home thousands of guests and crew members, higher fuel prices, and fewer bookings.
But management said booking momentum is turning a corner, with booked revenue in the past four weeks up 7% from last year. TUI reaffirmed guidance at €1.1 billion t