May 13, 2010 3:00 am
The improved trading at Hapag-Lloyd contributed to a reduction in losses for Tui, its largest shareholder, over the six months to March 31.
Earnings before interest, tax and amortisation in continuing businesses fell to €426m ($539m), from €452m in the same half of last year.
Hapag-Lloyd's losses for the first half fell to €8m from €230m in the same half last time, while the group said that underlying losses in tourist operations fell nearly 17 per cent to €229m, from €274m the previous year.
The overall first-half figures - where comparisons are distorted by last year's gain on the partial sale of Hapag-Lloyd - showed a €430m net loss on revenue down 11 per cent to €5.83bn, against a €419m net profit last time.
Michael Frenzel, chief executive, said that the company had reduced capacity in Tui Travel during 2009.
"This strategy is paying off," he said.
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