Thomas Cook (India) Ltd net up over 125% for the First Quarter
Thomas Cook (India) Ltd, the leading travel and financial services company closed its books of account for the first quarter, ended on January 31, 2002, on a highly positive note. With a Profit after Tax of Rs 5.64 crore the increase is over 125% as compared to the corresponding period in the previous year and reflects strong operating results and tight cost control in its core businesses.
With regards to the last Financial Year, the Company had adopted a 10 month period for the year 2001 (January to October), instead of the traditional 12 months. This was to align the financial year of the Indian subsidiary with that of Thomas Cook worldwide. The Board of Directors of the company have recommended a dividend of 28% (compatible to 33% for a 12 month period) to its shareholders in the AGM today.
Says Ashwini Kakkar, CEO & MD, Thomas Cook (India) Ltd, the companys performance is in keeping with its strategic plan and with expansion in its core business segment. Even though last year was difficult for the Travel & Tourism Industry at large, our results are encouraging, as we see the benefits of our investments in technology and proactive management of costs getting manifested now.
Kakkar also noted that customers are becoming very quality conscious and knowledgeable as they have multiple channels to access information and hence demand value for money.
Thomas Cook is committed to providing quality products with customer service which we believe will help the company sustain its growth in a highly competitive and volatile market, he adds.
During this quarter, Thomas Cook AG, along with Thomas Cook Overseas Ltd, UK had made an Open Offer to the public shareholders of Thomas Cook (I) Ltd to acquire 2,916,667 fully paid shares, representing 20% of the outstanding issued equity share capital of TCIL. The process has been completed with Thomas Cook Overseas Ltd now holding 60% equity in the Indian subsidiary.
Thomas Cook (I) Ltd was a major supplier, for the launch of Euro currency to banks and other foreign exchange retailers in the country and also offered a retail exchange facility for the 10 European currency notes being replaced by the Euro.