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Nasdaq listed Rediff.com (REDF) has reported revenues of $7.32 million for the Quarter ending September 30th 2008, down 12.02% from $8.32 million last quarter, and 6.87% for Q2 last year. An insight into the Indian market comes by way of Rediffs India Online revenues (from Rediff.com) – which were down 14.33% quarter on Quarter, and only down 1.92% year on year. Ajit Balakrishnan, Chairman and CEO of Rediff, however, said that the India revenues grew 5.5%, year on year, but this is not reflected in the numbers due to the the weakening of the Indian Rupee
It’s disappointing to note that the decline in Rediffs profitability has continued – they crossed the line, and have reported a net loss of Rs. $0.42 Million for this quarter. Last quarter, they’d reported a net profit of $0.77 million, and $0.83 million for Q2 last year. Profits have been declining for five quarters now.
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1 Comments until now.
Hi,
I don;t see why you are dissapointed with rediff results.. fact is, they have been the biggest underperformers on the net, despite being among the leading sites for Indians across the world. In fact, even as they started showing some profit in earlier quarters, they have never shown an operational profit, the final profit can always be attributed to interest income on their bank deposits. $49 million at last count. If I was an investor, I would have asked them to return the money a long time back and cut losses.