RTTNews | May 25, 2021 08:13AM EDT

08:13 Tuesday, May 25, 2021 (RTTNews.com) - Shares of Indian online travel company, MakeMyTrip Limited (MMYT) are up more than 4% in pre-market trade on Tuesday following better-than-expected fourth quarter results.

The company reported earnings of $3.17 million or $0.03 per share during the fourth quarter, compared with loss of $338.6 million or $3.20 per share a year ago.

Excluding items, earnings of $0.11 per share beat the average estimate of analysts polled by Thomson Reuters at $0.12 loss per share.

The company posted revenue of $79.22 million in the quarter, a 24.5% decease from last year. The consensus estimate was for $76.86 million.

"MakeMyTrip continued to leverage the domestic travel recovery momentum for most part of the reported fiscal fourth quarter. The company also bolstered its liquidity with a convertible note issuance." said Deep Kalra, Group Executive Chairman.

"While near term challenges will persist due to the rapid onset of a second COVID-19 wave in India since April 2021, we are well positioned to emerge as a stronger player in India's travel market post pandemic with continued focus on cost discipline," Kalra added.

MMYT closed Monday's regular trading at $25.86, 0.08% down. The stock is currently at $27.15.

Read the original article on RTTNews ( https://www.rttnews.com/3197291/stock-alert-makemytrip-adds-4-in-pre-market-after-q4-earnings-beat-estimates.aspx)

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