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Q4-09: Rediff.com QoQ Loss Triples To $8.86 M Due To Writeoff

Update: During the earnings conference call, Rediff Chairman and CEO Ajit Balakrishnan summarized the financial performance: "We did $25 million in revenue, and at the operating level, we earned $6 million in cash. That works out to around 25% on $25 million. Of this, $6 million, we spent $5 million in Capex and $1 million in taking stake in companies like Eterno. Because we took a large one time writedown, mostly to do with India Abroad because the value of newspapers in the US has dramatically declined, and we were advised to reflect the market condition in its valuation. By the end of March 2009, we had $46 million in cash, compared to $59 million at the beginning of the year. Of that difference, $14 million is an exchange loss - not cash used. In Rupee terms, we started the year with Rs. 236 crores, and ended March with Rs. 232 crores." Financials | Release Original Story: Losses for Nasdaq listed Rediff.com (REDF) have more than tripled to $8.86 million from a loss of $2.75 million last quarter: revenues declined to $4.49 million for the Quarter ending March 31st 2008, down 15 percent from $5.3 million last quarter, and 50.4% from $9.06 million in Q4 last year, which was Rediffs best quarter in recent memory. A significant part of this loss has been attributed to an exceptional item, given the downturn in the newspaper business in the US, which impacts their publication India Abroad. "The quarter and fiscal year end results also include a…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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