Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Thomas Cook Continues To Expect This Year To Be Challenging - Quick Facts

Thomas Cook Group Plc (TCG.L,TCKGY.PK) said it has agreed to the sale and lease back of 11 Boeing 757 aircraft with Guggenheim Aviation Partners, LLC and 6 Boeing 767 aircraft with Aircastle Advisor (International) Ltd. The company has also consented in principle to enter into sale and leaseback agreements in respect of a further 2 Boeing 767 Aircraft with Guggenheim.

Thomas Cook noted that its expects to receive proceeds of $202.9 million from the sale of 11 Boeing 757s and 2 B767s to Guggenheim, and proceeds of $91.5 million from the sale of 6 Boeing 767s to Aircastle.

The company further updated on current trading. Thomas Cook stated that the winter season has closed and bookings were broadly in line with the last update to the market on March 28, 2012. Overall, UK bookings are only slightly lower than prior year. Mainstream bookings are down 9%, ahead of capacity reductions of 13% and the company has 19% less left to sell compared to prior year.

Besides, average selling price is stable at 4% and the company's independent and specialist businesses continue to perform well, with bookings up 11%.

In addition, Thomas Cook said the unaudited seasonal loss from operations before separately disclosed items for the six months to March 31, 2012 was 262.7 million pounds versus 165.8 million pounds last year. The results reflect the continued difficult trading conditions being experienced in most of the Group's markets and particularly the impact of MENA on West Europe and the poor trading in the Canadian mainstream business following the loss of a key hotel supplier and overcapacity in that market.

Going ahead, the company said it continues to expect this year to be challenging given the economic backdrop and difficult trading environment.

Register
To receive FREE breaking news email alerts for Thomas Cook Group plc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
After moving modestly higher in morning trading, stocks showed a substantial move to the downside over the course of the trading day on Wednesday. The major averages pulled back well off their highs for the session, sliding firmly into negative territory. Ebola "czar" Ron Kain is scheduled to meet with President Barack Obama on Wednesday as he begins his efforts to coordinate the government's response to the deadly disease. Klain, who previously served as chief of staff to Vice President Joe Biden and then-Vice President Al Gore, was named as Ebola Response Coordinator last Friday. Potentially complicating the outlook for control of the Senate, the results of a SurveyUSA poll conducted for WXIA-TV in Atlanta suggest that the Georgia Senate race between Republican David Perdue and Democrat Michelle Nunn could be headed for a runoff.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.