(MENAFN- AFP) German travel and tourism giant TUI said on Wednesday it trimmed losses in the first quarter and confirmed its earnings targets for the full year. TUI, which runs its business year from October to September, said in a statement its net loss narrowed to 108.7 million euros ($148 million) in the period from October to December.That compared with a loss of 138.6 million euros a year earlier. Underlying or operating earnings, as measured by earnings before interest, tax and amortisation (EBITA), also improved, showing a loss of 140.6 million euros, compared with a year-earlier loss of 141.5 million euros. First-quarter revenues slipped by 2.9 percent to 3.394 billion euros. Chief executive Friedirch Joussen was confident, nevertheless. "In the first quarter, we got off to a good start to the new financial year. I am confident that we will achieve our economic targets," he said. For the full year, TUI is pencilling in sales growth of 2.0-4.0 percent and an increase of 16-23 percent in underlying earnings.
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