Wildfires impact TUI’s earnings in 2023

TUI, a travel company, faced operational challenges due to severe wildfires on the Greek island of Rhodes, as disclosed in their 22/23 fiscal year annual report. Forest fires during peak season led TUI to suspend flights temporarily, affecting summer travel sales. Despite these challenges, TUI managed to increase its total revenue to nearly 1.3 billion Danish kroner, up 70 million from the previous year, bolstered by a strong winter season and demand for their concept hotels. In late July, wildfires forced evacuations of locals and tourists, destroying homes and hotels. TUI, among other agencies, halted flights to the island temporarily. Even with a 6.3 million Danish kroner operating loss, TUI ended the year with a 6.8 million kroner profit due to tax reasons and financial items not specified in the report.