Rediff.Com posts loss of USD8.86 mn in Q4
Internet firm Rediff.Com on Tuesday reported a net loss of 8.86 million dollars for the fourth quarter ended March 31, 2009 mainly due to declining advertising revenues and higher restructuring charges.
The company had a net profit of 0.9 million dollars in the March quarter of FY'08, Rediff.Com said in a statement.
The Internet firm's total revenues decreased to 4.49 million dollars in the latest quarter of this year from 9.06 million dollars in the corresponding period a year ago.
"The continuing economic slowdown in the travel, jobs, matrimonial, shopping, consumer finance and real estate sectors in India continued to affect online advertising revenues, in particular revenues from other online companies in these industries.
These developments are reflected in our financial results for this quarter and fiscal year ended March 31, 2009, in lower revenues . Our revenue numbers for the quarter were also adversely impacted by a 25 per cent year on year average depreciation of the Indian Rupee vis-a-vis the US dollar," Rediff.Com Chairman and CEO Ajit Balakrishnan said.
For the full year ended March 31, 2009, the company posted a net loss of 11.26 million dollars from 4.92 million dollars in the last fiscal.