Europe's largest tour operator, TUI Group, absorbed €61 million (J$11.2 billion) in combined one-off losses from the Iran war and Hurricane Melissa's devastation of Jamaica during the first half of its financial year, forcing the German travel giant to pare back its full-year earnings guidance even as underlying demand held firm.

Chief Executive Sebastian Ebel acknowledged that without the twin shocks, the results would have been considerably stronger. "We had a strong Q2 and a wonderful H1 — it would have been even better if we wouldn't have had the impact of the Iran war and the Jamaica hurricane," Ebel told analysts on Wednesday. "I always say someone took away the cream on the cake. That's how it is."

The company booked a €40-million charge linked to the Iran conflict and a €21-million  (J$3.9-billion) charge tied to the Jamaica hurricane across the two quarters.