Rediff.com, an online provider of news, information, communication, entertainment and shopping services for Indians worldwide, has announced results for its second quarter ended September 30, 2013.
The overall revenues for the 2013 second fiscal quarter were USD 3.96 Mn, compared to the same period last year, a 3% increase in USD terms and 17% increase in INR terms. The company witnessed a total revenue of USD 3.18 Mn for the three months ended September 30, 2013 – an increase of approximately 6% over the corresponding quarter last fiscal year.
India Advertising, grew 9% compared to the third fiscal quarter. Moreover, this segment has shown a continuous revenue growth for Rediff, from the past three quarters. Besides the growth in quarterly India Advertising revenue, the company’s other businesses, namely eCommerce, subscriptions and local TV, achieved fourth-quarter revenue growth of 19%, 2% and 33% respectively, compared to the third fiscal quarter.
“Despite continued softness in the Indian 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,” said Ajit Balakrishnan, Chairman and Chief Executive Officer of Rediff.com.
Moreover, the Company reported net income of USD 1.06 Mn as compared to a net loss of
USD 2.34 Mn for the comparable quarter last year. 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 USD 1.68 Mn.
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