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Wednesday, 10 July, 2019, 13 : 15 PM [IST]

Thomas Cook says its open to new investments

According to Business Standard (BS), Thomas Cook India has said its funds position is strong and it is not impacted by the recent challenges in the aviation sector. The company said it’s bullish about its travel and foreign exchange business and is open to new investments.

The tour operator issued a statement on Tuesday in the backdrop of financial crisis faced by rival firm Cox & Kings. Thomas Cook’s stock has slipped 16 per cent from the start of the month and ended at INR 193.60 on BSE on Tuesday.

Madhavan Menon, Chairman, Thomas Cook India said the company had cash and bank balance of INR 1,058 crore on a consolidated basis as on March 31. He said the company is debt free on a standalone basis having prepaid its INR 67 crore of debentures, is seeing healthy booking growth and a turnaround in its destination management business.

“Our travel businesses have negative working capital and therefore do not require any external funding. We have witnessed a turnaround of our international destination management specialist companies during FY 2019. Additionally, during FY 2020, contribution to the profitability is expected from our recent acquisitions including Digiphoto Entertainment Imaging (DEI). Our forward booking position reflects a healthy increase of over 12 per cent,” he said.

(Source: BS)

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