This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Rediff.com Reports Results For The First Quarter Ended June 30, 2013

Quote from Ajit Balakrishnan in fifth graph has been revised.

The corrected release reads:

REDIFF.COM REPORTS RESULTS FOR THE FIRST QUARTER ENDED JUNE 30, 2013

Rediff.com, one of the premier online providers of news, information, communication, entertainment and shopping services to Indians worldwide, today announced results for its first quarter ended June 30, 2013.

The Company reported overall revenues for the 2013 first fiscal quarter of $4.11 million, a 12% increase as compared to $3.67 million reported in the 2012 first fiscal quarter.

For the three months ended June 30, 2013, the Company reported revenues from India Online of $3.37 million, an increase of approximately 21% over the corresponding quarter last fiscal year. Total India revenue, which includes online advertising revenues of $2.19 million and fee-based revenues of $1.18 million, increased approximately 14% and 27%, respectively as compared to the three months ended June 30, 2012. Within India fee-based revenue, fees from Online Marketplace grew 78%. Offsetting this growth were lower sales from the U.S. Publishing business, as the Company reported sales of $0.74 million as compared to $0.88 million for the comparable 2013 and 2012 fiscal first quarters.

“Amidst continued challenging economic conditions and the pressures of a weakening Rupee vs. the U.S. dollar, we have maintained a strong market presence throughout India and have seen many of our newer initiatives grow; particularly our online and local TV advertising business, as well as in Online Marketplace and Enterprises Email,” said Ajit Balakrishnan, Chairman and Chief Executive Officer of Rediff.com.

Mr. Balakrishnan added, “Our gross margins this quarter were 44%, compared to 32% for the same quarter last fiscal year. Additionally, in our Online Marketplace business, we successfully maintained a 12% positive product margin for the quarter and we continue to add vendors and SKU’s to our offering. I believe our concentrated efforts on conserving cash will take us a step closer towards profitability, especially as our margins increase and our top-line grows.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs