New Delhi: Travel firm Thomas Cook (India) on Thursday reported consolidated net loss of Rs.13.53 crore for the third quarter ended on 31 December 2015-16. It had reported net profit of Rs.18.16 crore during the October-December quarter of last fiscal 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% from Rs.741.12 crore same period of 2014-15.
“With an eye on the bigger Asia growth opportunity, 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% toRs.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 Ltd 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) Pvt Limited (a wholly owned subsidiary of the company), with Travel Corporation (India) Ltd (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,