TUI Travel reports wider losses

TUI Travel, Europe's biggest tour operator, said on Tuesday that net losses edged up to £288 million (358 million euros, $465 million) in the group's first half amid tough trading conditions in France. TUI Travel said its loss after tax for the six months to March 31 rose 4.3 percent compared with a net loss of £276 million in the first half of the group's 2010/11 financial year. "In France we continue to encounter a later bookings curve in challenging trading conditions," TUI Travel said in a statement. "The prevailing economic conditions have reduced demand for the early part of the summer season. Whilst the market is subdued we are beginning to see some return in demand for Tunisia and Morocco, particularly in the later part of the season. Trading for Egypt remains challenging."