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Rediff.com FY10 Results Disappoint, But Says Indian Advertisers Are Back; ESOPs

Updated below. Rediff has reported disappointing results for the financial year ended 31st March 2010 (FY10),  with revenues down 25.91% to $18.84 million, from $25.43 million during the previous year. This decline in largely due to a 25.47% decline in its India Online revenues, and despite a 5.53% reduction in its overall expenses (Cost of Revenues + Operating Expenses). Importantly, Rediff's Cash Balance declined only 2.83% year on year, from $46 million to $44.7 million. That gives them the freedom to invest $1-1.5 million per quarter over the next 2-3 quarters. While Rediff has reported a reduction in loss (Net loss for the year was down to $7.97 million from $11.26 million in the previous year), one must also take into account that last year, the company had written off approximately $7.95 million to an impairment in the value of its India Abroad US publishing business, and a write-off of $0.14 million this fiscal. If you don't take into account the writeoffs, Rediff's loss has effectively increased 136.56% from a loss of $3.31 million last fiscal to a loss of $7.83 million this fiscal. Rediff reported Operating EBITDA of -$6.63 million for the year, up from -$1.53 million last fiscal. Rediff, however, says that the quarter indicates that there is recovery in the advertising market. In a statement, CEO Ajit Balakrishnan said that after nearly three consecutive quarters of low activity, advertisers in Finance, Education, IT products and Electronics are back. Sequentially, Rediff's India Online advertisement revenues increased 15%, and…

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

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