Thomas Cook reports losses in 1QFY2011

Thomas Cook revenue up 6.6% - financial highlights for the three months ended 31-De-2010:

• Revenue: GBP1810 million, +6.6% year-on-year;
• Cost of tourism services: GBP1409 million, +9.2%;
• Operating costs: GBP438.3 million, -2.3%;
• Operating profit (loss): (GBP62.4 million), compared to a loss of GBP60.8 million in p-c-p;
• Profit (loss) before tax: (GBP99.3 million), compared to a loss of GBP80.6 million;
• Hedging position:
  • Winter 2010/11:
    • EUR: 95%;
    • USD: 91%;
    • Fuel: 88%;
  • Summer 2011:
    • EUR: 87%;
    • USD: 87%;
    • Fuel: 83%. [more]

Thomas Cook: "Bookings [for winter 2010/11], up 7%, are broadly in line with an 8% planned capacity increase, with yields up 6% reflecting a shift in mix towards more intercontinental bookings. The business to date has benefited from lower hedged fuel prices versus the same period last year. Bookings [for summer 2011] are 8% ahead of prior year and ahead of capacity increases of 4%. Yields are up 1%, with continental yields down 1% and intercontinental yields up 4%," Company statement. Source: Thomas Cook, 08-Feb-2011.