TUI posted a loss of $3.6 billion

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TUI Group, the world’s biggest holiday company, posted a loss of 3 billion euros ($3.6 billion) in the 12 months ended on Sept. 30, as the pandemic stopped travel and forced it to seek three bailouts from the German government.

The 3 billion euro loss reported on Thursday compared to 894 million euros of underlying core earnings (EBIT) made in the previous year, on revenues that were 58% lower at 7.9 billion euros.