MakeMyTrip Ltd. (MMYT), an India-based online travel company, reported Thursday a sharp decline in third-quarter profit to $41.5 thousand or $0.001 from last year's $1.63 million or $0.04 per share mainly due to the effects of employee share-based compensation costs.
Adjusted net income, which excluded items, climbed 69.5 percent to $3 million or $0.08 per share from $1.77 million or $0.05 per share last year.
Quarterly revenues climbed 50.3 percent to $53.81 million from $35.79 million a year ago. At constant currency rate, revenues grew 67.6 percent.
Revenue from air ticketing business increased 59.9 percent and revenue from hotels and packages business grew 45.8 percent.
Deep Kalra, Chairman and CEO said, "In the fiscal third quarter we witnessed a rapid weakening of the Indian Rupee as well as volatility in the Indian aviation industry. However demand for our services remained strong during the past holiday travel season as more customers chose to use MakeMyTrip for the superior user experience we offer."
Looking ahead for 2012, the company trimmed the upper end of its forecast range and now expects revenue less service costs in the range of $86 to $88 million, compared to previous forecast of $86 million to $89 million, citing weaker than estimated exchange rate.
The company added that it remains confident in its abilities to achieve its long term financial growth targets.
For comments and feedback: editorial@rttnews.com