New Delhi: OYO Hotels and Homes on Monday reported consolidated revenue of $951 million for the financial year 2018-19, over fourfold increase from $211 million as reported in the previous fiscal.
However, the company’s net loss also increased to $335 million, due to rise in expenses, the company said in a statement.
“The inherent costs of establishing new markets, including those related to talent, market-entry, operational expenses among others, resulted in an increase in OYO’s net loss percentage in the near-term, which grew from 25 percent in FY18 to 35 percent of revenue in FY19 to $335 million,” it said.
Its losses in India, however, declined to $83 million, as per the company. In FY 2017-18 the net losses were at 24 percent of its revenue, while in FY 2018-19, it stood at 14 percent of the revenue.
OYO’s revenue from India in fiscal 2018-19 stood at $604 million. “In mature markets like India, the focus of the company is to maintain strong brand preference while ensuring we have a clear path to profitability, enabled by accretive growth, operational excellence, and strong gross margin,” it said. (IANS)