Thomas Cook reports Q3 net loss of Rs 13.53 cr

Travel firm Thomas Cook (India) today reported consolidated net loss of Rs 13.53 crore for the third quarter ended on December 31, 2015-16.

It had reported net profit of Rs 18.16 crore during the October-December quarter of last financial year due to sharp increase in expenditure.

The integrated travel and related financial services company's total income from operations was at Rs 1,044 crore during the quarter under review, up 40.86 per cent from Rs 741.12 crore in the same period of 2014-15.

"With an eye on the bigger growth opportunities in Asia, we made a series of strategic acquisitions in the last quarter... The cost of these acquisitions obviously impacted profitability in the third quarter," said Thomas Cook (India) managing director Madhavan Menon.
 

Thomas Cook's total expenditure grew by 44.06 per cent to Rs 1,014.52 crore as against Rs 704.22 crore reported in the year-ago period.

The company also announced appointment of Dipak Deva as Managing Director of Travel Corporation (India) Ltd.

In a separate filing, Thomas Cook said that its subsidiary Quess Corp has filed Draft Red Herring Prospectus with the Securities and Exchange Board of India (Sebi) to raise Rs 400 crore through an Initial Public Offering (IPO) of its equity shares.

In another filing, it said its board of directors has accorded in-principle approval for the merger of SITA, the inbound division of Kuoni Travel (India), a wholly owned subsidiary of the company, with Travel Corporation (India), also a wholly owned subsidiary of the company subject to regulatory approvals and compliance.

Thomas Cook also has signed an agreement with State Bank of India to offer their holiday savings plan to the bank's customers,

The company stock was trading at Rs 190.35, down 1.30 per cent, on BSE.