Thomas Cook swings to third quarter profit

LONDON Thu Aug 1, 2013 2:15am EDT

LONDON Aug 1 (Reuters) - British travel group Thomas Cook swung to a third quarter profit, helped by further costs cuts and robust summer trade.

The 172-year old firm on Thursday said its earnings before interest and taxes rose to 1 million pounds ($1.52 million) in the three months to July compared to the 45 million pound loss it reported in the same period a year ago.

The tour operator, which is halfway through a three-year turnaround plan, said it delivered an additional 31 million of cost cuts during the quarter, taking the cumulative total to 138 million pounds.

The company said it had sold 85 percent of planned capacity for the Summer 2013 season and that net debt had more than halved to 452 million pounds by the end of June.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.