But TUI’s €287m first-half loss – it covers the six months to the end of March – is the sign of a deeper malaise.
The company names a sea of troubles, including a knock-on from last year’s hot summer, uncertainty over Brexit, too much capacity in Spain, a switch in bookings back to Turkey, and the costs of the grounding of the Boeing 737 Max, which TUI operates.
Coping with swings in demand is part of a tour operators’ normal lot, but the grounding of the 737 Max is unwelcome extra burden.
TUI said that if the plane gets back in the air by mid-July, it will take a hit of €200m, money that it will expect eventually to recover from Boeing.
Unfortunately for TUI, indications from the United States are that it is more likely to be the later date.