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Travel firms' business hit by MENA unrest  Join our daily free Newsletter

MENAFN - 13/07/2011

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(MENAFN) Thomas Cook travel company said that due to the economic conditions in the UK and the political upheaval in the Middle East and North Africa (MENA) region, the firm's full year profit would be much less than expected, reported Arab News.

The company added that it forecasted its full year EBIT (earnings before interest and taxation) to reach USD513 million.

Europe's second largest travel company also said that the MENA unrest had a huge negative impact on the travel company, adding that its French business' demand declined during the peak season for major destinations in Egypt, Morocco and Tunisia.

It is worth noting that about two thirds of Thomas Cook's profit shortfall came as a result of economic conditions in Britain with the MENA unrest accounting for the rest.

 






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