Quarter Show Jacks Up Thomas Cook

Thomas Cook (TCIL) earned good gains in early trades, up 6 per cent to Rs 282.80, following impressive results from the company. The scrip today closed upwards at Rs 276.20, up by 3.50. The scrip of the travel and tours major and foreign exchange dealer recorded volumes of 3004 shares on the Bombay Stock Exchange.

On Thursday after market hours, TCIL posted its second quarter ended 30 April 2002 results that indicated a massive 150 per cent rise in its net profit to Rs 5.52 crore compared with Rs 2.21 crore in the corresponding period last year. Total income climbed by 26 per cent to Rs 26.06 crore from Rs 20.68 crore in April 2001.

 

The consolidated results for the quarter ended 30 April 2002 show that TCIL has posted a net profit of Rs 5.86 crore on a total income of Rs 27.26 crore.

Only this month, Thomas Cook Insurance Services (India) launched 'TravelCare', an innovative and comprehensive overseas travel insurance plan. Thomas Cook Insurance Services (India), a wholly-owned subsidiary of TCIL, is a licenced corporate agent for Tata AIG General Insurance Company. TravelCare issued by Thomas Cook Insurance Services (India) will be underwritten by Tata AIG General Insurance Company.

With the launch of TravelCare, TCIL, a leading travel, foreign exchange and travel-related services provider, becomes the first in the travel industry to enter the insurance segment and offer a co-branded product.

Besides insurance for individuals, TCIL along with Tata AIG General Insurance is planning customised travel insurance for corporates and for those going abroad for studies.

Meanwhile, India Alive Tours, a wholly-owned subsidiary of TCIL, has been appointed as a preferred corporate agent of Tata-AIG General Insurance Company for procurement of all general insurance businesses. India Alive proposes to focus its activities mainly on travel-related policies.

In February this year, the parent of TCIL, German travel major C&N Touristic, announced that it had hiked its stake in the Indian subsidiary to 60 per cent from the earlier 40 per cent, following the successful open offer for a 20 per cent stake that it made at Rs 351.68 per share.

C&N Touristic had made an open offer for 20 per cent stake in TCIL in October 2001. The open offer had followed C&N's global takeover of Thomas Cook Holdings, UK, which owned 40 per cent stake in TCIL through its subsidiary, Thomas Cook Overseas.