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MakeMyTrip Q3 beats Street on higher travel bookings

MakeMyTrip Q3 beats Street on higher travel bookings
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First Published: Thu, Feb 10 2011. 10 48 AM IST
Updated: Thu, Feb 10 2011. 10 48 AM IST
February: India-based online travel booking company MakeMyTrip Ltd reported quarterly results that beat analysts’ expectations, helped by higher air ticketing and hotel and packages transactions.
The company said it expects 2011 revenue of $59-$61 million, compared with analysts’ expectations of $56.6 million, according to Thomson Reuters I/B/E/S.
The company also said it will acquire a 79% stake in Singapore-based travel agency Luxury Tours & Travel Pte Ltd for an initial sum of $3 million in cash, as it seeks to expand through tie-ups with local hotels in South-East Asia.
The company, which debuted on Nasdaq in August, reported third-quarter earnings of $1.63 million, or 4 cents a share, compared with $0.6 million, or 2 cents a share, a year ago.
On an adjusted basis it earned 5 cents a share. Revenue rose 57% to $35.8 million.
Air ticketing and hotels and packages transactions rose 59%, as more customers used its online service to book winter holidays.
Analysts on an average were expecting earnings of 4 cents a share on revenue of $15.1 million.
The company’s shares, which have fallen 19% in the last three months, closed at $26.80 on Wednesday on Nasdaq.
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First Published: Thu, Feb 10 2011. 10 48 AM IST