Business Daily from THE HINDU group of publications
Sunday, Nov 02, 2008
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Sunday, Nov 02, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate Results
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Financial Services Better productivity boosts Thomas Cook net Our Bureau Mumbai, Nov. 1 Improved productivity and better cost management led Thomas Cook India to post net profit growth of 32 per cent at Rs 9 crore in the third-quarter ended September 30, 2008 against Rs 6.8 crore in the corresponding quarter last year. Commenting on the results, Mr Madhavan Menon, Managing Director, Thomas Cook India, said, “Despite the economic slowdown witnessed in third quarter, the company has been able to post a growth of 26 per cent in operational PBT through measures like productivity improvement and cost management”. The income from operations rose by 21 per cent to Rs 63 crore (Rs 52 crore). While revenues from financial services remained flat at Rs 7.6 crore (Rs 7.3 crore), income from travel and related services were Rs 55 crore (Rs 45 crore). In notes to the BSE, Thomas Cook said the management reviewed the operations of its various branches and divisions during the nine-month period ended on September 30, 2008 and closed some travel and forex branches and thereby incurred a sum of Rs 1 crore, closed a division in a subsidiary company and incurred a sum of Rs 3.6 crore and disposed surplus properties and booked a profit of Rs 1 crore. A source told Business Line that the above measures have nothing to do with the slowdown in the global economy and are a part of “branch rationalisation” process to avoid duplication that may have occurred after it acquired LKP Forex and TCI. More Stories on : Financial Services
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