The Hindu Business Line : Thomas Cook Q4 net up 11.84 pc

THOMAS Cook (India) Ltd has earned a net profit of Rs 7.46 crore in the quarter ended October 31, 2004, up 11.84 per cent on the Rs 6.67-crore posted in the same quarter of the previous year. The board has recommended a dividend of 37.5 per cent.

Net profit for the full-year ended October 31, stood at Rs 27.46 crore, up 27.01 per cent as compared with Rs 21.62 crore in the previous year.

Pre-tax profit increased by 28 per cent over the last year to Rs 42.9 crore. Income for the year grew by 21 per cent to Rs 131.3 crore. The reserves of the company have swelled to Rs 128.1 crore, which is nine times the capital of Rs 14.6 crore.

The company follows the financial year from November to October in keeping with its parent company, Thomas Cook AG's accounting system.

Pre-tax profit for the quarter ended October 31, 2004, stood at Rs 11.01 crore (Rs 9.97 crore) while income from operations was Rs 28.25 crore (Rs 27.10 crore).

A statement quoting the Chairman of the Board of Thomas Cook (India), Dr Thomas Doering, said: "Thomas Cook AG is satisfied with the performance of Thomas Cook in India and is confident of its future prospects."

The statement goes on to add that Thomas Cook AG would like to quell all rumours about the sale of the subsidiary and added that there were no discussions regarding the same.

The Chief Executive Officer and Managing Director, Mr Ashwini Kakkar, said the turnaround in the economy and the continuation of liberalisation initiatives had helped further the company's growth ambitions.

According to the statement, both the inbound and outbound divisions grew across all segments including GIT (group incentive travel) and FIT (free individual travel), . Corporate travel also received a boost with the introduction of the open sky policy, increased airline seat capacity, entry of low-cost airlines, and a buoyant economy, it said.