Thomas Cook - Q1CY12 Consolidated - First Cut - GEPL Capital

Sales in-line with estimates but profits disappoint

Net sales grew by 5.6% Y-o-Y ro Rs867 mn in Q1CY12 from Rs821 mn driven by a stronger growth in the travel segment.

Higher advertising expenses led to a2.1% Y-o-Y decline in EBITDA to Rs78 mn.

Consequently, the EBITDA margins declined by 71bps Y-o-Y to 8.9% in Q1CY12.

Other income was lower at Rs20 mn compared to Rs88 mn in Q1CY11.

Owing to a flat EBITDA and lower other income, the profits for Thomas Cook in Q1CY12 stood at Rs8 mn, a decline of 83% Y-o-Y.

Source : Equity Bulls

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