Tours and travel firm Cox & Kings today reported a 84.81 percent decline in its consolidated net profit at Rs 15.23 crore for the third quarter ended December 2016.
The company had posted a net profit of Rs 100.29 crore in the October-December quarter of the previous fiscal, Cox & Kings said in a BSE filing.
The total income from operations on a consolidated basis declined 19.84 percent to Rs 1,378.74 crore in the third quarter as compared to Rs 1,720.08 crore in the corresponding period of the last fiscal.
"This quarter's results were in line with our expectations. Post demonetisation, we are witnessing a shift from the unorganised sector to the organised sector in the travel industry in India," Cox & Kings Group CEO, Peter Kerkar said.
In the third quarter last fiscal, the company had sold Explore Worldwide Ltd, a subsidiary of Holiday Break Ltd, for a consideration of 25.8 million pounds resulting in goodwill write-off of Rs 59.03 crore and profit on sale of Rs 228.66 crore.
For the third quarter of this fiscal, total expenses stood at Rs 1,300.75 crore during the period under review as compared to Rs 1650.09 crore in the same period last fiscal.
Shares of Cox & Kings ended at Rs 197, down 1.92 percent on BSE.
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