At the end of September 2009, TUI group turnover decreased by around 14% to about €13.1bn and net debt fell to €2.3bn from €2.8bn in the equivalent nine months in 2008. The turnover generated by TUI Travel decreased by 14% to €12.6bn, while underlyling earnings before interest, tax and amortisation (Ebita) grew by 10% to €571m. Turnover for TUI Hotels & Resorts dropped by 5%. Underlying Ebita was €123m, down 7%. Average occupancy was 76%, compared to 83% in the previous year. Dr Michael Frenzel, CEO of TUI, said: “Even if 2010 will continue to be impacted by the global economic crisis, we expect operating earnings in our core business to post a stable performance.”
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