CORRECTED - MakeMyTrip adj profit misses estimates on slow air-ticketing growth

MAKEMYTRIP-RESULTS:CORRECTED - MakeMyTrip adj profit misses estimates on slow air-ticketing growth

 

(Corrects quarterly loss figure to $810,500 from $810.5 million and profit figure to $750,900 from $750.9 million in paragraph 4. Also, clarifies in headline and paragraph 1 that company's adjusted profit missed estimates, not profit)

REUTERS - Indian online travel booking company MakeMyTrip Ltd's quarterly adjusted profit missed analysts' expectations, hurt by slower growth in its air-ticketing segment.

Revenue from the air-ticketing segment grew 8 percent in the first quarter, compared with 44 percent last year. This segment grew 29 percent in the fourth quarter.

The company said in May it expected growth in the air- ticketing business to slow due to a slowing Indian economy, higher fuel charges and rising ticket prices.

Loss for the quarter ended June 30 was $810,500, or 2 cents per share, compared with a profit of $750,900, or 2 cents per share, a year earlier.

Excluding items, the company earned 5 cents per share, while analysts on average were expecting a profit of 7 cents per share.

Revenue after service costs rose 13 percent to $23.9 million but still missed expectations of $24.4 million, according to Thomson Reuters I/B/E/S.

The company stood by its revenue-less-service-cost growth outlook of 30 to 32 percent for financial year 2013.

However, it now expects $99 million to $102 million in revenue less service cost because of foreign exchange rate movements. It had earlier forecast between $103 million and $106 million.

Shares of the company were down 1 percent at $16.01 in morning trading on the Nasdaq.