TUI said Tuesday that it swung back to profit in the first quarter, and smashed analyst estimates.

It reported a profit of almost $6.5 million, when another big loss had been forecast.

The gain came over what is usually the weakest period for travel firms, with bookings generally at their lowest in the first three months of the year.

Chief Executive Sebastian Ebel said demand for travel remained very strong, despite an uncertain economic backdrop.

European airlines expect this year to see travel demand in the region surpass pre-health crisis levels.

That's despite headwinds including high jet fuel prices.

TUI is now expected to shake up its stock market listing.

Shares in Europe's biggest holiday firm are currently traded in London and Frankfurt - a legacy of its 2007 combination with Britain's First Choice Holidays.

However, TUI plans to drop the UK listing, saying a single German listing would better reflect its ownership.