Rediff's quarterly revenue drops 50 percent
Wednesday, 14 May 2003, 19:30 IST
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MUMBAI: Rediff.com India Ltd., an India-based web portal, Tuesday said its revenue for the quarter ended March 31 registered a fall of 50 percent from the corresponding period in the previous year. The company's revenues for the January-March quarter touched $3.3 million, as compared to $6.7 million in the same quarter in the last year, mainly on account of a drop in its businesses in the U.S. market. For the full fiscal year 2003, Rediff.com logged revenues to the tune of $17.3 million, down from $24.8 million in fiscal 2002. Nasdaq-listed Rediff.com's U.S. publishing business, which comprises the weekly news publication India Abroad and Rediff U.S. online, declined by nine percent to $1.3 million in the January-March quarter over the same period last year. "The decline in quarterly revenues is a reflection of the tough times the retail advertisers in the New York area continue to face," said a company press statement. Revenues from the company's phone card business were lower at $1.2 million compared to $4.7 million logged by Rediff.com for the same quarter last year. "The past year has seen us strengthen our leadership position in the Indian online space while continuing to face challenging times in our U.S. businesses," said Ajit Balakrishnan, chairman and CEO of Rediff.com India Limited.
Source: IANS
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