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Rediff’s online advertising revenues in India grew 46% in 2Q 2010-11

Rediff.com has reported a net loss of $1.59 million for the second quarter ended September 30, 2010, as compared to a net loss of $2.61 million posted for the corresponding quarter of the previous fiscal year. Total revenues increased by 21 per cent to $5.07 million during September 2010 ended quarter from $4.19 million posted for the second quarter of the previous fiscal year. The core online advertising revenues in Rediff’s India business grew 46 per cent.

Rediff.com has reported a net loss of $1.59 million for the second quarter ended September 30, 2010, as compared to a net loss of $2.61 million posted for the corresponding quarter of the previous fiscal year. Total revenues increased by 21 per cent to $5.07 million during September 2010 ended quarter from $4.19 million posted for the second quarter of the previous fiscal year. The core online advertising revenues in Rediff’s India business grew 46 per cent.

“Over the past few years, the global economic recession has put a strain on our business, both from top and bottom-line perspectives, but we believe the worst is behind us and continue to see positive signs that the market has stabilized,” Ajit Balakrishnan, chairman and CEO, Rediff.com, has said. “Our balance sheet remains strong and we believe Rediff has improved its competitive position and is poised for growth in the years ahead.”

Rediff’s India Online revenues, which include advertising and fee-based revenues, for the quarter ended September 2010 totalled $4.15 million, which was a growth of 35 per cent compared to $3.08 million recorded a year ago. US Publishing revenues went down by 21 per cent from $1.11 million reported for the September 2009 ended quarter to $0.92 million posted for the second quarter ended September 2010.

As of September 30, 2010, Rediff.com’s total registered users grew to 95 million, an increase of 15 per cent compared to a year ago. Rediff’s cash balance stood at $42.8 million as of September 30, 2010. According to Rediff, the company will continue to invest $1.0 – $1.5 million per quarter throughout the fiscal year and into early fiscal 2011 as it continues to enhance its technology platform and service offering.

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