Online travel firm MakeMyTrip Ltd has posted 75% decline in its net profit for the third quarter ended December 31, 2011 at USD 0.04 million compared to the corresponding quarter of the prior fiscal mainly on account of forex loss.
The Nasdaq-listed firm's net profit during the three months ended December 31, 2010 was $1.6 million, it said in a statement.
The company's revenues for the third quarter under review increased 50.3 per cent to $53.8 million over revenue of $35.8 million in the quarter ended December 31, 2010.
"In the fiscal third quarter we witnessed a rapid weakening of the Indian rupee as well as volatility in the Indian aviation industry," MakeMyTrip Chairman and CEO Deep Kalra said.
During the quarter, the company incurred foreign exchange loss of $1.1 million due to depreciation of the Indian rupee versus the US dollar.
He, however, said demand for company's services was strong during the past holiday travel season.
The firm's revenues from air ticketing increased by 59.9% to $21.6 million and income from hotels and packages grew 45.8% to $31.3 million during the quarter.
