Our overall revenues declined 18% in dollar terms on a year-over-year basis and 4% in dollar terms sequentially. Our EBITDA has improved by 7% in dollar terms on a year-over-year basis and gross margins increased approximately 100 basis points over the fiscal fourth quarter last year and approximately 200 basis points sequentially. While advertising revenues were down for the comparable periods, we saw a 68% year-over-year increase in our ecommerce revenues, maintaining a healthy 11% gross margin.
For the quarter ended March 31, 2012, our India online advertising revenues declined 25% in dollar terms (16% in rupee terms) on a year-over-year basis and 7% in dollar terms (8% in rupee terms) sequentially. Total India revenue, which includes fee-based and online advertising revenues, declined 23% in dollar terms (14% in rupee terms) and 4% in dollar terms (6% in rupee terms) for the same respective periods. However, it’s important to note that our India Online revenues were impacted by 11% due to foreign currency fluctuations as the Indian Rupee weakened vs. the U.S. dollar in the comparable year-over-year periods. The Operating EBITDA loss for the quarter ended March 31, 2012 was lower, at $1.20 million, as compared to an Operating EBITDA loss of $1.29 million for the corresponding quarter last year. Additionally, operating expenses for the comparable fourth quarter periods declined from $3.97 to $3.49 million, a decrease of approximately 12%.
The Banking, Financial Services and Insurance (“BFSI”) sector, which accounts for a third of online display ad spends in India has reduced its spending in the quarter ended March 31, 2012, resulting in a decline in our India online advertising revenues in the same quarter. Other sectors, most notably the FMCG, Auto and Consumer Electronics segment re-allocated their advertising spend during the quarter from TV and print to online, though the increase was not enough to make up for a decline in spend in the BFSI sector. The growth in ecommerce revenues is attributed to our continued investments to improve search and browse functionalities, an addition of a voice based call-centre support and improvements in the efficiency of third-party logistics system. Lastly, we continue to invest in our Local Deals and Local TV ads businesses, which hold much long-term promise, but remain in the initial stages of growth.
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