TUI Travel announces rising profits ahead of merger

British tourism group TUI Travel announced a jump in quarterly profits on Friday, lifting its fortunes before a proposed merger with its largest shareholder TUI.
TUI Travel said operating profit -- earnings before tax and interest payments -- increased by almost half to £112 million ($188 million, 141 million euros) in the three months to the end of June compared with its performance in the third quarter of 2013.
TUI Travel and German group TUI are finalising the terms of a tie-up after a previous merger attempt to form the sector's biggest operator failed at the start of 2013.