New Delhi: Monday on consolidated reports, OYO Hotels and Homes the world's third-largest hotel chain reported a revenue $951 million for the year 2018-19 increasing from $211 million in the previous year.
Due to rise in expenses net loss of the company also increased the year to to $335 million, the company reported 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 per cent in FY18 to 35 percent of revenue in FY19 to $335 million," it said.
In the financial year 2017-18 the net losses were at 24% of its revenue, while in 2018-19, it stood at 14% of the revenue.Its losses in India, however declined to $83 million, as per the company.
"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. In this context, in 2019, business operations in India contributed to nearly 63.5 per cent or $604 million of this consolidated figure as the business clocked a 2.9x (y-o-y) growth," it said.
OYO's revenue from India in fiscal 2018-19 stood at $604 million. Nearly 36.5 per cent or $348 million of the revenue was contributed by the company's operations outside India, primarily China, it said.
