The Hindu Business Line : Thomas Cook Q1 net down 21 pc

THOMAS Cook (India) Ltd has recorded a lower net profit of Rs 6.29 crore in the first quarter ended January 31, 2005. This is 21.37 per cent lower than the Rs 8 crore registered in the corresponding quarter last year.

Revenues earned during the quarter slipped to Rs 32.8 crore (Rs 33.40 crore) while pre-tax profit was down 19 per cent at Rs 10.2 crore (Rs 12.60 crore).

The tour and financial services operator follows the financial year from November to October in alignment with its international parent, Thomas Cook Group.

The Chief Executive Officer and Managing Director, TCIL, Mr Ashwini Kakkar, said: "The tsunami has been the single largest national disaster in modern history and the travel advisories issued in its wake have affected our transaction base. Equally, the humanitarian, financial, and other support offered by the company to Thomas Cook globally and non-Thomas Cook customers and affected parties have caused a temporary blip. We hope to come back strongly in the months ahead."

Mr Kakkar was optimistic about the outbound season as the open sky policy and the increase in scheduled flights to and from India, especially to the UK, the US, Asia and the Asean would ensure competitive fares and better availability of seats.

The launch of multi-currency remittance would enable the company to offer drafts in 25 currencies and wire transfers in 50 countries, a company release said. This would boost volumes in retail remittance segments and would be especially useful to students and corporates, it added.

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Thomas Cook Q1 net down 21 pc