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Our Bureau

Mumbai, Aug 21 Thomas Cook (India) reported a net profit of Rs 10 crore for the second quarter ended June 30, 2007, as against Rs 2.78 crore.

According to the company, the figures for the current quarter are not strictly comparable with the corresponding quarter last year due to the amalgamation of LKP Forex Ltd, inclusion of results of Travel Corporation of India Ltd, which was acquired last year and exclusion of results of Hindustan Cargo Ltd, which was sold last year.

The company also changed its accounting year end from October to December. Hence, the previous year figures given in these results pertain to the second quarter end of last year which is from February 1, 2006 to April 30, 2006.

The company earned a total income of Rs 65 crore for the quarter as against Rs 39 crore. As per consolidated results of Thomas Cook for the quarter ended June 30, 2007, net profit is Rs 11.5 crore and net sales are at Rs 78 crore.

According to Mr Madhavan Menon, Managing Director of the company, “These results are a reflection of the success of our business strategy. With the consolidation of LKP Forex & TCI completed, the synergy benefits have started to reflect in the numbers. Further we have received an overwhelming response to our new initiatives & products.”

In terms of growth in segmental revenue, Mr Menon said, “We have almost doubled our revenues across our inbound, outbound and corporate travel business, whereas our forex business has grown by over 48 per cent.”

On the forthcoming rights issue (Rs 225 crore) of the company, Mr Vinayak Purohit, Executive Director of Finance, Thomas Cook (India), said, “The company would be filing for the same with Securities and Exchange Board of India by end of August or early September. As the procedures of SEBI complete the issue should be open in next four to six months. Though issue would be in the ratio of 1:3, the pricing is yet to be determined by the Board.”

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Thomas Cook sees synergy benefits

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