Thomas Cook India Q4 net jumps three times

Travel services and foreign exchange provider Thomas Cook India (TCIL) today posted over three-time increase in consolidated net profit for the fourth quarter ended December 31, 2011 at Rs 5.04 crore compared to the corresponding period last year.

The company's net profit in the fourth quarter of last year was Rs 1.51 crore, TCIL said here.

Its consolidated net sales for the quarter ended December 31, 2011 increased 30.82% to Rs 87.30 crore compared to Rs 66.73 crore.

"Both our key businesses of leisure outbound and foreign exchange have performed exceptionally well and we continue to see strong growth in our forward bookings for the upcoming holiday season," TCIL Managing Director Madhavan Menon said in a statement.

Despite volatility in global currency market, the foreign exchange business has registered growth of 23% for the quarter.

For the full year 2011, the Thomas Cook's net profit increased 19.25% to Rs 56.24 crore, against Rs 47.16 crore in 2010. The company follows calender as its fiscal year.

Its consolidated net sales for the year grew 20.43% to Rs 373.79 crore compared to Rs 310.37  crore in 2010.

UK-based Thomas Cook Group Plc has initiated a formal sale process of its 77.1% stake in TCIL.

Earlier this month, TCIL had said numerous third parties are interested in buying the stake.

Thomas Cook Group Plc has been under a financial stress and had last year sold off Spanish hotel chain Hotels Y Clubs De Vacaciones to Grupo Iberostar for 72.2 million euros.

TCIL provides foreign exchange and travel services in 70 Indian cities.

The company employs 2,700 people in India and has partner network of 110 'Gold Circle Partners' The TCIL also has operations in Mauritius and Sri Lanka.