German travel giant TUI reported a net profit of 401 million euros for its shortened 2009 fiscal year - a figure 10 times higher than the previous year's result.

The earnings were accumulated in the nine month period from January to September, as the company prepares to change its accounting practices to measure the fiscal year from October to September.

Analysts say the better-than-expected result is due to the company's sale of a majority stake in the shipping company Hapag Lloyd earlier this year. While the Hanover-based tour operator still owns 43% of the shipping line's shares; its operating results will no longer include those of Hapag Lloyd.

The economic downturn actually saw TUI's sales fall to 13.1 billion euros - down 14 percent from 2008 levels - as travelers reined in spending and the value of the British pound fell against the euro, a company statement said.

"Even if 2010 will continue to be impacted by the global economic crisis, we expect operating earnings in our core business to post a stable performance," said Chief Executive Michael Frenzel.

The company also announced on Monday that its finance chief of 21 years, Rainer Feuerhake, would retire next year. He will be replaced by Horst Baier.

vj/Reuters/AFP
Editor: Sam Edmonds