It had reported a net profit of Rs 18.16 crore during the October-December quarter of last fiscal due to sharp increase in expenditure.
Travel firm Thomas Cook India on Thursday reported a consolidated net loss of Rs 13.53 crore for the third quarter (Q3) ended on December 31, 2015-16. It had reported a 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 up 40.86% at Rs 1,044 crore during the quarter under review from Rs 741.12 crore in the 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% to Rs 1,014.52 crore as against Rs 704.22 crore reported in the year-ago period. The company has also announced the appointment of Dipak Deva as Managing Director of Travel Corporation India.
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 has also signed an agreement with State Bank of India (SBI) to offer their holiday savings plan to the bank's customers.
On Thursday, at 1254 hours, the shares of Thomas Cook India were trading down 1.35% or Rs 2.60 at Rs 190.25 per scrip intraday on the BSE.
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