Rediff.Com reports results for the third quarter ended September 30, 2013

23rd October 2013 | By Mouseworld Now Correspondent |

Rediff-logoNew Delhi, India, October 23, 2013: Rediff.com, one of the online providers of news, information, communication, entertainment and shopping services to Indians worldwide, has announced results for its second quarter ended September 30, 2013.

Rediff.com reported overall revenues for the 2013 second fiscal quarter of $3.96 million, a 3% increase in US dollar terms and 17% increase in Indian Rupee terms compared to the same period last year.

For the three months ended September 30, 2013, the Company reported revenues from its India Online operations of $3.18 million, an increase of approximately 6% over the corresponding quarter last fiscal year. Total India revenue, which includes online advertising revenues of $1.88 million and fee-based revenues of $1.30 million, decreased approximately 11% and increased 33%, respectively as compared to the three months ended September 30, 2012.

Chairman and Chief Executive Officer of Rediff.com Ajit Balakrishnan said, “Despite continued softness in the India market and the subsequent sharp decline in the value of the Rupee vs. the Dollar, we have been successful in further expanding our reach, both with businesses and consumers. Many of our newer initiatives continue to generate positive momentum and during the second quarter, we saw continued growth in our online marketplace, enterprise email business and in our local TV advertising.”

Balakrishnan further added “Our total revenue has grown over the corresponding quarter last year and we have been able to maintain our gross margins compared to the same period last year, while lowering our expenses. While we remain focused on cash conservation and have lowered our expense structure, at the same time, we have been opportunistic in investing in areas we believe will lead to longer-term growth and drive bottom-line performance. Economic hurdles do remain, but I am encouraged with our progress and believe the new services we offer, both on desktop and mobile platforms, will position us well for the future, especially with the continued build-out of India’s broadband infrastructure.”

Rediff.com reported an Operating EBITDA loss of $1.62 million for the quarter ended September 30, 2013 as compared to an Operating EBITDA loss of $1.87 million in the comparable year-ago period. Additionally, as a result of a one-time net gain of $2.74 million related to the sale of an equity investment during the 2013 fiscal second quarter, the Company reported net income of $1.06 million as compared to a net loss of $2.34 million for the comparable quarter last year. Net income per ADS for the period ended September 30, 2013 was $0.038, as compared to a net loss per ADS of $0.085 for the period ended September 30, 2012. Excluding the impact of this one-time net gain, the Company would have reported a net loss for the quarter ended September 30, 2013 of $1.68 million.

 

© Mouseworld Now News Service

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