Thomas Cook says ash cloud costs group 70 million pounds

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Travel operator Thomas Cook Group on Thursday said flight cancellations caused by the volcanic ash cloud from Iceland had cost the group 70 million pounds (82 million euros, 103 million dollars).

The news came as Thomas Cook said its net losses had narrowed slightly to 211.3 million pounds in the six months to March compared with the same period a year earlier.

Thomas Cook chief executive Manny Fontenla-Novoa said the group's best estimate of the volcanic fallout on results "is around 70 million pounds."

"If we exclude the estimated impact of the volcanic ash cloud, then the group remains confident of meeting board expectations for the year," he added.

© 2010 AFP

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