Travel group Thomas Cook trims loss

(Shutterstock)
(Shutterstock)
Shutterstock [http://www.shutterstock.com]

London - Thomas Cook trimmed losses in its first quarter as deep cost-cutting offset a fall in sales caused by political turmoil in Egypt, the British travel group said on Tuesday.

Losses before interest payments and tax narrowed to £56m ($92m, €67m) in the three months to the end of December last year, the company said in a statement.

That marked a modest improvement from a loss of £66m in the equivalent period of 2012.

Total sales eased 0.9% to £1.7bn in the reporting period.

"The whole European travel industry was hit by the decline in the Egypt market and we were no exception," chief executive Harriet Green said in a conference call with journalists.

"We are very encouraged to see people beginning to return, particularly from the UK, Germany and Russia."

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