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TUI Travel и Thomas Cook incur losses in Russia

08:07, 11 мая 2012

Europe’s leading tour operators TUI Travel и Thomas Cook are not satisfied with the development of their business in Russia. Within the first six months of the present financial year that began in October 2011, TUI Travel got an operating loss in Russia and Ukraine which amounted to ?13 million; it’s almost twice as much as a year ago. At the same time whole group’s operating loss increased by only 3%, reaching ?317 million.

 

As declared by TUI Russia & CIS, the main cause for such losses is the unstable situation in Egypt which negatively affected the company’s sales in Russia. It’s interesting that as opposite to Russia, the company positive results in selling Egypt on the markets of Scandinavia and Great Britain. It’s not ruled out that Russia will recover as well. Judging by May holidays, the demand for Egypt is resuscitated, sales turned out to go as expected.

 

Thomas Cook Company didn’t show serious results in Russia yet: The company says that Russia, along with Canada and France, is among those countries where business develops worse than forecasted. Same as TUI, the company blames Egypt for its troubles and plans to indemnify the losses on this destination using more professional management. “Recently we started changes in management and transferred Russian business to the control of the managing team on Central Europe which developed an action plan of reduction of side effects”, - says the statement of the European operator.

 

According to the agreement with AFK “System” that controls VAO Intourist, if by the end of 2012 the joint venture receives EBITDA less than $15 million, Thomas Cook will be able to return up to $15 million of transaction amount – either money or safety stock of the joint venture.

 

Apparently, foreign investors are not yet ready to give up hopes for the Russian market. As reported by both companies, holding such large-scale events in Russia as the Sochi Olympics in 2014 and the football world Cup in 2018 is a good prospect for tourist business.

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