Rediff.com reports lower Q3 net loss

Tuesday, 20 January 2004, 08:00 Hrs
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MUMBAI: NASDAQ listed Rediff.com India has reported lower net loss of $0.16 million for the third quarter ended December 31, 2003 as against $2.6 million in the same quarter of 2002.

The total revenues for the reporting quarter rose marginally at $3.6 million as compared to $3.3 million in October-December 2002, the company said in a release on Friday.

The company for the first time posted a positive earning before interest, tax, depreciation and amoritisation (EBITDA) of $55,000 as against EBITDA loss of $2.2 million, the release said.

Commenting on the performance during the quarter, company chairman Ajit Balakrishnan said the growth in Q3 was driven by Indian online revenues, increase in company wide gross margins and lower operating costs.

India online revenues contributed $1million, a growth of 54 per cent over same quarter last fiscal due to advertising and fee-based services, it said.



Source: IANS
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