Cox and Kings narrows loss to Rs 35.53 cr in Q4 of FY17

Holidays and education travel group Cox and Kings today said it has narrowed its consolidated losses to Rs 35.53 crore for the last quarter ending March 31, 2017.

The company has posted Rs 506.40 crore consolidated loss in the corresponding quarter of FY16, Cox and Kings said in a release.

The total income of the company during the quarter under review witnessed a decline of 15.06 per cent at Rs 1,178.86 crore compared to Rs 1,387.92 crore in the corresponding quarter of FY16.

The revenue of the company witnessed a decline as it sold Explore Worldwide, a subsidiary of HolidayBreak, it said.

For the full year, Cox and Kings reported a net profit of Rs 223.41 crore compared to a loss of Rs 7.98 crore.

The company's total income for 2016-17, was Rs 7,222.74 crore compared to Rs 7,586.68 crore in the previous financial year.

"It has been a satisfying year. The financial results are testimony to the quality and diversity of our business.

Our India business has once again grown ahead of the industry this year and we continue to demonstrate overwhelming margin leadership," said Cox and Kings Group CEO Peter Kerkar.

He said one of the international hotel brand Meininger rolled out 1,700 new beds within 90 days in the fourth quarter and the firm expects to add another 6,600 beds within the next 22 months.

"Our visa services business has also demonstrated a sharp turnaround this year. FY18 will see strong growth across all our divisions, especially education, India and Meininger," he added.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)