MakeMyTrip Limited, (MMYT), an online travel products and solutions provider in India and the US, Wednesday reported a loss for the fourth quarter, on higher expenses, in spite of an increase in revenues.
For the three-month period, the company reported net loss of $20.32 million or loss per share of $0.54, compared with net profit of $6.18 million or $0.16 per share reported in the comparable period last year. On an adjusted basis, the company reported net loss of $6.5 million or $0.17 per share, compared with adjusted profit of $3.08 million or $0.08 per share last year.
Revenues for the quarter increased to $55.1 million from $46.9 million last year. Revenue less service costs declined to $21.7 million from $22.09 million during the same period last year.
Other operating expenses widened to $19.4 million from $13.6 million last year, while the procurement cost of hotel and packages services increased to $32.4 million from $21.7 million previous year. Income tax expenses were $10.6 million for the first quarter, compared with income tax benefit of $6 million a year ago.
Looking forward, the company initiated its 2014 revenue less service costs guidance in the range of approximately $101 million to $106 million at a planned average exchange rate of INR 54.43 to a U.S. Dollar.
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