Cox & Kings slides after selling Explore Worldwide

Cox & Kings lost 3.53% to Rs 241.60 at 13:20 IST on BSE after the company through its Holidaybreak plc subsidiary sold 100% of the issued and outstanding shares of Explore Worldwide for GBP 25.8 million to Hotelplan UK Group.

The announcement was made after market hours yesterday, 1 December 2015.

Meanwhile, the S&P BSE Sensex was down 94.39 points or 0.36% at 26,075.02.

On BSE, so far 1.38 lakh shares were traded in the counter as against average daily volume of 56,445 shares in the past one quarter.

The stock hit a high of Rs 255.90 and a low of Rs 241.10 so far during the day. The stock had hit a 52-week low of Rs 200.25 on 21 September 2015. The stock had hit a 52-week high of Rs 343.90 on 20 February 2015.

The stock had underperformed the market over the past one month till 1 December 2015, sliding 7.26% compared with Sensex's 1.83% fall. The scrip had, however, outperformed the market in past one quarter, advancing 4.31% as against Sensex's 1.84% rise.

The mid-cap company has equity capital of Rs 84.66 crore. Face value per share is Rs 5.

Explore Worldwide (which includes the brands Explore - soft adventure tours - and RegalDive- diving adventure specialist) generated net revenue of GBP 11.2 million and earnings before interest, taxation, depreciation and amortization (EBITDA) of GBP 2.3 million in FY 2015 ended March 2015.

Peter Kerkar, Director of Cox & Kings said that the sale of Explore Worldwide business helps the company to further increase focus on its three key verticals viz. leisure, education and hybrid hotels (Meininger).

On consolidated basis, Cox & Kings reported net profit of Rs 118.24 crore in Q2 September 2015 compared with net loss of Rs 94.23 crore in Q2 September 2014. Net sales declined 20.9% to Rs 684.82 crore in Q2 September 2015 over Q2 September 2014.

Cox & Kings is one of the longest established travel companies in the world since 1758. Headquartered in India, it is the leading holidays and education travel group with operations in 22 countries across 4 continents.

Powered by Capital Market - Live News