Thomas Cook Defies Downturn As profits Rise 112%
Thomas Cook (India) Ltd. has posted impressive results for the year ended 31st October, 2002. The Board of Directors of the Company has recommended a dividend of 33%. The Company has registered an increase of Rs. 26.5 crores in Income, 36% higher than the previous period of 10 months. This has resulted in a Profit After Tax of Rs. 19.3 crores, a 112% increase over the previous period of 10 months. An amount of Rs. 1.9 crores has been transferred to General Reserve. On a Capital of Rs. 14.6 crores, the Company’s Reserves stand increased to a robust level of Rs. 91.4 crores, 6.3 times the capital. EPS has jumped to Rs. 13.3 compared to Rs. 6.3 for the previous period of 10 months.
With regard to the last financial year (2001), the Company had adopted a 10-month period from January 1st to October 31st, instead of the traditional 12 months. This change was adopted to align the Company’s financial year with that of its parent company Thomas Cook AG. This year the Company completed the full cycle of 12 months from November 2001 to October 2002.
"In a year dominated by the events of 9/11, Thomas Cook India has garnered multiple achievements and shown commendable growth performance through all four quarters, " says an elated Ashwini Kakkar, CEO & MD, Thomas Cook (India) Ltd. He elaborates that Thomas Cook has been awarded the Golden Peacock Corporate Governance Award and has also won the Best Agency-India award from TTG-Asia for the fourth consecutive year.
Though the Tourism Industry worldwide and especially in India had been quite challenging, Thomas Cook shored up its bottomline with focus on growth strategies and effective cost control, explains Kakkar.
On the business front, Thomas Cook established notable milestones. It made a successful foray into the Travel Insurance area with the launch of Travel Care, a comprehensive travel insurance plan.
Thomas Cook (India) Ltd, the only non-bank, RBI authorized foreign exchange dealer, is now online with SWIFT (Society for Worldwide Interbank Financial Telecommunications). The membership of SWIFT (a world-wide payment mechanism) represents a quantum leap for Thomas Cook putting it on par with banks in the area of remittances and providing access to opportunities that were not within its purview earlier.
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