(Company corrects comments on Olympic corporate ticket packages in final paragraphs having originally said that it had a third of the packages left unsold and that about 95 percent of the tickets repackaged for sale to the public had now been sold.)
* Harriet Green says will tap on technology expertise
* Q3 operating loss 26.5 mln stg vs 20.1 mln stg profit yoy
* Says rainy weather boosted foreign holiday bookings
* Sees full-year results broadly in line with expectations
By Brenda Goh
LONDON, Aug 2 (Reuters) - Thomas Cook's new chief executive said technology would be the salvation of the struggling British tour operator and gave herself nine months to deliver a turnaround plan to end over a year of poor performance.
The company posted an underlying operating loss of 26.5 million pounds ($41.3 million) in the three months ended June, versus a profit of 20.1 million pounds in the same period last year despite a lift in foreign bookings from Britons exasperated with rainy weather at home.
Harriet Green, who joined the 171-year-old company from electronic parts distributor Premier Farrell in July, told reporters on Thursday she would be able to "bring a fresh pair of eyes" to existing industry problems.
"I don't think moving from one industry (to another) is so much of a challenge ... There are many things that are actually very similar and in my view of business, all roads ultimately lead to technology," she said.
Thomas Cook has been hit hard by tough trading conditions, particularly in Britain where its core customer base of families with young children is suffering in the economic downturn. It has also been affected by unrest in popular destinations such as Egypt, Tunisia and Morocco.
In May it reported half-year pretax loss of 328.3 million pounds and completed the sale and leaseback of 19 of its planes as it struggled to find cash.
"In our view they (new management) face a very difficult turnaround task. We expect early views from the new team in November and a detailed plan to be announced in the Spring," Numis analysts said.
Thomas Cook said foreign holiday bookings had picked up in recent weeks after subdued demand in April and May, as the sodden European summer drove rain-weary Britons, Germans and Russians to seek the sun in Greece and Tunisia.
UK bookings as of July 29 were flat versus the same time last year, while bookings in central Europe were 1 percent higher, boosted by demand from Germany.
In comparison, bookings in west Europe were down 9 percent compared with the same time last year, as trading, particularly in France, stayed tough.
Net debt at June 30 was 1.01 billion pounds, versus 902.5 million pounds at the same time last year. It has striven to pay down its debt through selling its Spanish hotel chain Hotels Y Clubs De Vacaciones and expects to complete the 87 million pound sale of its Indian unit by Aug. 22.
While the outlook remained challenging, the company said its quarterly financial trend was improving and it expects to post a full-year result broadly in line with expectations.
At 0943 GMT shares in Thomas Cook, which have fallen more than 70 percent over the past year, were down 1.5 percent to 16.32 pence, valuing the company at around 148 million pounds.
It also said plans to cash in on the Olympics by selling packages to corporate clients had not gone as well as expected after the implementation of the UK bribery act made corporates nervous about offering or accepting corporate hospitality.
It had originally allocated 25 percent of its tickets to corporate packages but has since repackaged more than half of these to sell to the public a nd said it has now so ld 99 percent of its Olympic tickets. ($1=0.6415 British pounds) (Reporting by Brenda Goh; Editing by Mark Potter and David Cowell)
