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Rediff posts 13% growth in revenues at $32.25 million for 2007-08

Rediff has reported a growth of 13 per cent in its revenues at $32.25 million for the fiscal year ended March 31, 2008, as compared to $28.68 million in the previous fiscal year. The company’s net income, however, witnessed a decline from $6.99 million recorded for the March 2007 ended year to $5.03 million in the 2007-08 fiscal year. During the March 2008-ended year, Rediff earned an interest income of $5.51 million.

Rediff has reported a growth of 13 per cent in its revenues at $32.25 million for the fiscal year ended March 31, 2008, as compared to $28.68 million in the previous fiscal year. The company’s net income, however, witnessed a decline from $6.99 million recorded for the March 2007 ended year to $5.03 million in the 2007-08 fiscal year. During the March 2008-ended year, Rediff earned an interest income of $5.51 million.

The company has posted a growth of seven per cent in its revenues at $9.06 million for the fourth quarter ended March 31, 2008, as compared to $8.48 million in the same quarter of the previous fiscal year. The company’s net income, however, witnessed a decline from $2.00 million recorded for the March 31, 2007 ended quarter to $1.02 million in the fourth quarter of the 2007-08 fiscal year. During the March 2008 ended quarter, the company earned an interest income of $1.33 million.

India Online revenues for the 2007-08 year stood at $23.65 million, an increase of 14 per cent compared to a year ago. Revenues from Rediff’s US Publishing business increased by nine per cent to $8.60 million. The number of registered users grew by 22 per cent to 65.7 million at the end of March 2008, as compared to a year ago.

The number of companies advertising on Rediff’s website during the quarter ended March 31, 2008 totalled approximately 250 as compared to approximately 180 during the same quarter in the previous fiscal year.

Consumer finance, employment, insurance, matrimonial and IT products together accounted for 53 per cent of the company’s advertising revenues during the fourth quarter ended March 31, 2008.

According to Rediff, the top 10 advertisers contributed 38 per cent of advertising revenue for the India Online advertising business during the March 31, 2008 ended quarter, compared to 55 per cent during the corresponding quarter of the previous fiscal year.

Total cash and cash equivalents and short term deposits with banks as of March 31, 2008 was approximately $59.03 million, Rediff has said.

Update

Rediff.com has launched Video Search as part of its vertical search offerings. According to Rediff, the service helps users to search and find videos across over 80 sites with over 1 million videos.

The company has also extended its Fare Search offering to include searching for schedules, seat availability fares and reservation status for trains in the Indian Railway system. It also offers a feature that lets users get a single view comparison of train and airfares.

Rediff.com has also extended the product search offering to include Car and Bike search. The service has been introduced in Delhi and Mumbai to start with and it includes many of the leading and popular brands available in the country. The service also allows users the ability to directly send test-drive requests to automobile dealers via SMS.

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