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MakeMyTrip sees a net loss

MakeMyTrip sees a net loss
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First Published: Tue, Nov 16 2010. 07 11 PM IST
Updated: Tue, Nov 16 2010. 07 11 PM IST
Mumbai: Online travel company MakeMyTrip Ltd, reported a net loss of $1.8 million for the quarter ended 30 September 2010, against $0.15 million profit. Revenue of the company increased by 40.5% at $23.8 million in the quarter ended 30 September, 2010, compared to revenue of $17.0 million in the quarter ended 30 September, 2009.
This is the company’s first post-IPO publicly announced quarter. MakeMyTrip Limited successfully completed its initial public offering on 17 August, 2010.
Rajesh Magow, chief financial officer of the company said the finance costs has increased to $2.5 million in the quarter ended 30 September, 2010 from $0.6 million in the quarter ended 30 September, 2009 mainly because of one-time initial public offering costs.
Revenue from the main stay, air ticketing business for the company increased by 40.1% to $10.3 million in the reporting quarter while the revenue of other businesses—hotels and package business—rose by 38.8% to $13.0 million in the quarter ended 30 September, 2010.
Deep Kalra, founder and chief executive officer of makemytrip.com said his company witnessed gross booking in both airline ticketing and hotel business.
“Significantly, 20% of the total revenues came from holiday packages. Going forward, we will be focussing on the mix of holiday packages and air ticketing,” he said. Kalra added that his firm is also on the look out of acquiring businesses in hotel and holiday package industry that will compliment makemytrip.com.
PR Sanjai
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First Published: Tue, Nov 16 2010. 07 11 PM IST