German travel and marine shipping company TUI AG said Monday that gains on the sale of a stake in its Hapag-Lloyd shipping unit helped it make a net profit in the first quarter.
The Hannover-based company said it earned euro415 million ($564 million) for the January-March period compared with a net loss of euro279 million in the first quarter of 2008.
Sales for the period, however, fell 15 percent to euro3.1 billion from euro3.6 billion a year earlier, as less people took vacations during the recession.
TUI booked a net gain of euro990 million in the quarter from the sale of its marine division, of which it sold a stake to a consortium of …
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