Travel services provider Thomas Cook (India) on Thursday reported an 18.88 per cent decline in consolidated net profit at Rs 9.97 crore for the third quarter ended December 31, 2019. The company had posted a consolidated net profit of Rs 12.29 crore in the same period last fiscal, Thomas Cook (India) said in a regulatory filing.
Total income from operations stood at Rs 1,758.88 crore, as compared to Rs 1,569.36 crore in the year-ago quarter, it added.
Thomas Cook (India) Chairman and Managing Director Madhavan Menon said given the challenging market conditions that were prevalent throughout 2019, the group delivered a strong performance.
"We continue our focus on sustainability and profitability with initiatives focused on margin and cost management," he said.
During the quarter, overall subdued demand and continued headwinds in aviation sector impacted travel segment across outbound, inbound and domestic sectors, the company said.
These included continued capacity shortages and inflationary impact on airfares post closure of Jet Airways as well as significant trust deficit among customers post shutdown of Cox & Kings, it added.
"Domestic travel too saw disruption due to the CAA protests, with resultant advisories affecting inbound travel," it said, adding Australia's bush fires also impacted demand for the quarter -- peak travel season for the destination.
The company further said, "Continued civil protests in Hong Kong impacted economic activity including travel plans."
Looking ahead, Menon said "despite the geopolitical tensions and natural calamities unfolding including the Corona Virus outbreak etc., we are cautiously optimistic and look to end the financial year on a strong note.
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