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Thomas Cook sees u20 mln hit from Egypt, Tunisia.

LONDON: Thomas Cook said it expected the unrest in Egypt and Tunisia to wipe around [pounds sterling]20 million ($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 [pounds sterling]1.81 billion in the first quarter of its fiscal year to end December.

The group made an operating loss of [pounds sterling]37.3 million 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 [pounds sterling]30 million ($49 million) off its profits with holidaymakers being advised to stay away from the region.

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 [pounds sterling]1.6 billion.

Daily NewsEgypt 2011

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Publication:Daily News Egypt (Egypt)
Geographic Code:7EGYP
Date:Feb 8, 2011
Words:230
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