Thomas Cook returns to profit, looks to growth

Thomas Cook has returned to profit as it cut costs and boosted revenues. The travel firm now plans to boost sales and earnings in the coming three years. Thomas Cook’s chief financial officer Ludger Heuberg told a news conference that sales and customers for the recent winter holiday season were marginally above that of the previous year.

He also said that bookings for this year’s summer was up almost ten percent on 2005.

The company posted a net profit of 105.4 million euros ($127.1 million) for the year ending October 31 2005.

This compares with a loss of 176.4 million euros the previous year. It beat its own expectations for a profit of between 10 and 15 million euros.

“We have returned to profits both before and after taxes for the first time in four years, reduced indebtedness sharply and significantly improved our equity ratio,” Heuberg said in a statement.

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“The Thomas Cook restructuring has been completed successfully, but we still have financial goals we want to reach to achieve state-of-the-art profitability.”
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