Thomas Cook Group Plc (TCG.L) reported pre-tax loss of 151.7 million pounds for the first quarter versus pre-tax loss of 99.3 million pounds last year.
Revenue for the quarter ended December 31, 2011 grew 3% to 1.86 billion pounds from 1.81 billion pounds in the prior year, mainly as a result of increased activity in Northern Europe and Airlines Germany and a maiden contribution from the Co-operative and the Russian joint ventures.
The company stated that the seasonal underlying loss from operations of 91 million pounds was higher than the prior year loss of 37 million pounds as a result of tougher trading conditions and rising fuel costs which have impacted margins.
Thomas Cook said it continues to focus hard on implementing its UK turnaround strategy and its is on track to deliver the planned 35 million pounds benefit in the current financial year. The company added that it has taken action to adjust capacities where appropriate and, for both the winter and summer seasons, in many markets, Thomas Cook has less left to sell than for the comparable period.
Separately, Thomas Cook said it is launching a formal sale process for its 77.1% shareholding in Thomas Cook (India) Ltd., or TCIL. The company added that it has received a number of unsolicited informal expressions of interest from third parties to acquire its stake in TCIL and, as a result, has decided to formalise the process.
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by RTT Staff Writer
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