Insider Business Thomas Cook loses ground and raises concern

Thomas Cook loses ground and raises concern

Challenges for Cyprus’ tourism are complex this year with strong and growing competition from neighbouring countries on the one hand and financial losses by travel giants on the other. This leads to reduced arrivals as well as lower priced package holidays.

Thomas Cook’s latest results recorded losses estimated at €1.7 billion before tax for the first half of the year. Last Friday, the travel giant  saw its shares fall by 40%. About 21 million travellers worldwide use Thomas Cook annually, and company officials keep assuring that the company’s viability is not at stake.

Informed sources said Thomas Cook had a market share of 7% in Cyprus in 2018, accounting for about 280,000 tourists. Thomas Cook and TUI are the island’s biggest tour operators bringing hundreds of thousands of visitors mainly from the United Kingdom and other European markets. An indication is that Sunwing Hotel which belongs to the Cyprus Archbishopric is fully leased to the international giant’s Scandinavian subsidiary.

A spokesman for the Famagusta region of the Cyprus Hoteliers Association (PASYXE) has said that, for the time being, Thomas Cook’s sorrows have not affected the island’s tourism flow.

Nonetheless, they are concerned considering that the operator not only brings tourists from the UK, but also from other big markets such as the Scandinavian. At the same time, early bookings for the Famagusta region have recorded a reduction in the order of 5% to 10%.

 

Read more:

https://in-cyprus.com/thomas-cook-puts-airline-business-up-for-sale-to-raise-cash/

Top Stories

An additional batch of 1,170 doses of Pfizer – BioNTech vaccines delivered to Turkish Cypriots

An additional batch of 1,170 doses of Pfizer – BioNTech vaccines were today delivered to Turkish Cypriots at Agios Dometios crossing point, through the...

Andreas Themistocleous, candidate of ELAM party

Former DISY deputy Andreas Themisocleous will be a candidate with the ballot of extreme right-wing ELAM party in the forthcoming parliamentary elections. ELAM issued an...

Paphos theme park postponed due to COVID

Paphos was due to get its own theme park through investments from Hong Kong and by Cypriot investors in the area of Kalo Chorio....

Greece and Turkey resume talks on maritime disputes after five years

Greece and Turkey resumed talks aimed at addressing long-standing maritime disputes on Monday, diplomatic sources said, after months of tension in the eastern Mediterranean. The...

No cases of British covid variant detected in Cyprus, strict measures already taken

Cyprus is not among the increasing number of EU countries that have detected cases of the British variant of COVID-19, but health authorities are...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...