TUI Travel said the unrest in Egypt and Tunisia could hit its second-quarter results by up to £30m, though said first-quarter losses narrowed.
“The Egypt and Tunisia situation could impact the quarter two result by £25m to £30m,” TUI Travel said in a statement.
The company said it would take a hit of at least £20m from the unrest in Egypt and £5m from the situation in Tunisia.
Europe’s biggest travel company said its underlying operating loss narrowed to £84m from £107m in the quarter ended December 2010. It’s revenues rose six per cent to £2.694bn driven by demand for specialist holidays.
“The progress in the first quarter represents an encouraging start to 2011 and the forward booking position is good,” the company said. “We remain cautious, however, given the current economic and geopolitical uncertainty.”