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Thomas Cook reports loss on Egypt, Tunisia unrests
Thomas Cook, one of the world major tour & travel operators, has reported net losses of £200 million in the first half as the British travel group was hit by unrest in key tourist spots Egypt and Tunisia, while it predicted more losses ahead. Thomas Cook said losses after tax totaled £200.8 million (228 million euros, $329 million) in the six months to March 31, slightly down on the group’s net loss of £211.8 million in the first half of 2010.
“As previously reported, travel restrictions to Egypt and Tunisia early this year resulted in approximately 160,000 cancellations, of which 120,000 were for travel to Egypt and 40,000 to Tunisia,” Thomas Cook said in a statement.
Thomas Cook added that it expected “a further financial impact of around £35 million in the second half of the year”.
Last year, Thomas Cook had also suffered losses due to weak demand for holidays following the worldwide economic recession and financial crisis.
Unprecedented widespread popular protests and uprising swept Arab world, claiming more political freedom, social benefits, jobs, transparency, good governance and independent justice.
These protests, triggered by young activists & internet bloggers, brought down leaders in Tunisia and Egypt, while pressure is building against regimes in Libya, Yemen and Syria.