TUI Travel toasts profits hike before merger

(MENAFN- AFP) British travel group TUI Travel on Thursday announced a surge in annual profits ahead of its merger with German parent TUI that will create the world's biggest tourism operator.

TUI Travel said profit after tax ballooned to £183 million ($287 million, 232 million euros) in the year to the end of September compared with £51 million for 2012-13.

"The merger with TUI AG will strengthen and future-proof our combined group... This will mark the start of an exciting new phase of growth, delivering significant opportunities and value to customers, employees and shareholders," TUI Travel chief executive Peter Long said in a statement.

The pair finalised terms on their merger in September.