Thomas Cook tops 100% PAT growth
Thomas Cook (India) Ltd, the leading travel and related services company closed its books of account for the third quarter ended on July 31st, 2002 on a resounding note, despite the fact that post September 11th, there continues to be global economic recession and the Travel & Tourism industry in India went into a slump with war threat at the border and adverse Travel advisories in effect during this period. .
The company posted a Profit after Tax of Rs 16.61 crore for the first nine months of the financial year which is an increase of over 103% as compared to the corresponding nine months in the previous year. With regard to the last Financial Year of the Company, which ended on October 31st 2001, the Company had adopted a 10 month period for the year 2001 (January to October), 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.
Ashwini Kakkar, CEO & MD, Thomas Cook (India) Ltd, says, "We have notched an increase of 19% in our revenue and a Profit before Tax of 94% on a year to date basis. This was achieved because we regularly reviewed and revised our strategy to meet the challenges of a constantly changing environment, volatile market conditions and stiff competition.
The past year has been a disaster in the history of tourism, but as a company we have done well and actually grew our business in almost every segment. Judicious cost cutting and earlier investment in technology were also showing benefits. Thomas Cook is committed to providing innovative and quality products combined with high standard of service to enable our customers to enjoy travel free of any hassle. "
Briefing about the new developments in the company and its various businesses, Kakkar informs that Thomas Cook had received its memebership and was online with SWIFT(Society for Worldwide Interbank Financial Telecommunications).
SWIFT is a payment mechanism whereby banks across the world send and receive money between them. The membership of SWIFT 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 .
The foreign exchange business had also won the bid for an exclusive foreign exchange counter at the Trivandrum airport. The foreign exchange business also launched Thomas Cook Cash Passport, a pre-paid value Global ATM card. An online FX store (currently available only in Mumbai ) enables customers to purchase their foreign exchange through the website from the comfort of their home or office.
.Thomas Cook the first travel company to offer its own travel insurance plan, recently launched Scholar Care - an insurance cover for students going abroad for studies. This is in addition to Travel Care and other tailor-made products for corporate travel segment.
On the holiday front, Thomas Cook this year launched multiple Rail Holiday packages to destinations like Kerala, Goa, Himachal Pradesh and the Himalayas for the domestic market which received encouraging response, especially with restrictions on visas by many consulates for outbound travel.
Thomas Cook (India) Ltd has been pursuing permission from the Ministry of Civil Aviation to operate outbound charter services. Thomas Cook AG the parent company owns and operates a fleet of 85 aircraft.
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