Rediff – Net Loss $0.42 Mln, Revenues $7.32 Mln
Rediff.com has reported a net loss of $0.42 million for the second quarter ended September 2008, as compared to a net income of $0.89 million posted for the corresponding quarter of the previous fiscal year. Total revenues declined by 7% to $7.32 million during Sep 2008 ended quarter from $7.86 million posted for the second quarter of the previous fiscal year.
While India online quarter revenues declined 2% from $5.73 million to $5.62 million, the big fall came in US Publishing which fell 20% from $2.13 million for the September 2007 quarter to $1.70 for the current quarter.
“During the quarter in which India witnessed a challenging economic environment we grew our Indian revenues by 5.5% on a year on year basis in Rupee terms, but due to a weakening of the Indian Rupee vis a vis the US Dollar, this growth translated to a 2% decline in US Dollar terms. We continue to focus on building and launching relevant platforms and products for our users which we believe will help in maintaining our position as a leading online player. We believe that with a registered user base of approximately 72 million, a unique user base which grew a monthly average 8.6% over the previous quarter (compared to a monthly average industry growth of 4.8% – Source: ComScore) and with a cash balance of over $49 million we are in a good position.” said Ajit Balakrishnan, Chairman and CEO, Rediff.com India Limited
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Filed under: Business
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