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Rediff posts net loss of $1.64 million on revenues of $4.73 million for 3Q 2009-10

Rediff.com has reported a net loss of $1.64 million for the third quarter ended December 2009, as compared to a net loss of $2.75 million posted for the corresponding quarter of the previous fiscal year. Total revenues declined by 11 per cent to $4.73 million during Dec 2009 ended quarter from $5.30 million posted for the third quarter of the previous fiscal year.

Rediff.com has reported a net loss of $1.64 million for the third quarter ended December 2009, as compared to a net loss of $2.75 million posted for the corresponding quarter of the previous fiscal year. Total revenues declined by 11 per cent to $4.73 million during Dec 2009 ended quarter from $5.30 million posted for the third quarter of the previous fiscal year.

Rediff’s India Online revenues, which include advertising and fee-based revenues, for the quarter ended Dec 2009 totalled $3.63 million, which was a decline of 11 per cent compared to $4.10 million recorded a year ago. US Publishing revenues went down by 8 per cent from $1.20 million reported for the Dec 2008 ended quarter to $1.10 million posted for the third quarter ended Dec 2009.

“During this quarter we saw many advertisers in the financial services and web industries who had stayed on the sidelines for the previous few quarters return cautiously; this is reflected in an increase in our India Online Ad revenues by 21 per cent sequentially,” Ajit Balakrishnan, chairman and CEO, Rediff.com, has said. According to Balakrishnan, Rediff’s total registered users grew by 14 per cent to 85 million in the third quarter ended December 2009, compared to the same quarter previous year.

“As in the past few quarters, we propose to continue investing 1 to 1.5 million dollars per quarter in the next 2-3 quarters to maintain the momentum in user growth. In doing this we hope to increase our user base and in turn revenues in the next few quarters,” Balakrishnan has further said. “Our cash balance of $48 million as of December 31, 2009 ($47 million as of same date last year) allows us to meet our liquidity needs and to execute on our product development and investment strategy.”

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