Rediff Q3 net down 34 per cent

MUMBAI,INDIA: Rediff.com India Limited net income slipped by 34 per cent at $1 million for the third quarter ended December 31, 2007, as compared to $1.51 million posted for the corresponding quarter previous year.

Revenues for the quarter totaled $8.53 million, an increase of 10 per cent year on year.

India Online revenues, which include advertising and fee-based revenues, stood at $6.12 million, an increase of eight per cent Year on Year. Registered users grew to 62.7 million as of December 31, 2007.

Depreciation and amortization expenses increased to $1.66 million for the third quarter, compared to $0.76 million for the same quarter previous fiscal year.

There was a foreign exchange loss of $48,000 during the quarter arising from the conversion of cash deposits and other balances held in US Dollars into the company’s functional currency (Rupee) for financial reporting purposes due to the strengthening of the Indian Rupee against the US Dollar.

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