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Monday, 21 October 2019

Thomas Cook sees 20 mln stg hit from unrest in Egypt/Tunisa

World’s leading travel agency sees a tremendous cut in its profits over political turmoil in Egypt and Tunisia

Reuters, Tuesday 8 Feb 2011
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Thomas Cook said it expected the unrest in Egypt and Tunisia to wipe around 20 million pounds ($32 million) off its second quarter profits with holidaymakers being advised to stay away from the region.

Thomas Cook, which is Europe's second biggest tour operator, said revenue rose by 7 percent to 1.81 billion pounds in the first quarter of its fiscal year to end December.

The group made an operating loss of 37.3 million pounds during the period, a 10 percent reduction in the loss it made during the same period the previous year. Tour operators usually make a loss in this traditionally quiet quarter.

Thomas Cook, which usually flys around a million passengers to Egypt each year, has continued taking British holidaymakers to Red Sea resorts including Sharm el Sheikh and Hurghada but has cancelled flights into Luxor.

Rival TUI Travel said last week the unrest in Egypt and Tunisia could wipe up to 30 million pounds ($49 million) off its profits with holidaymakers being advised to stay away from the region. [ID:LDE7120B4]

Shares in Thomas Cook, which have lost nearly 10 percent of their value over the past week reflecting concerns over the impact of the unrest, closed on Monday at 193.5 pence, valuing the business at 1.6 billion pounds.

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