Nasdaq-listed Rediff.com, one of the leading online providers of news, information, communication, entertainment and shopping services, on Thursday announced its financial results for the quarter ended December 31, 2005. Revenues for Q3 increased by 48 per cent to $5.02 million, as compared to $3.4 million in the same quarter last fiscal.
Net income for the quarter ended December 31, 2005 stood at $323,000, compared to a net loss of $302,000 for the same quarter last fiscal. Operating EBITDA was $960,000 for the quarter, as compared to a loss of $140,000 last year.
Rediff also informed that the registered users grew to 41.2 million as of December 31, 2005, an 18 per cent increase over the number of registered users as of December 31, 2004.
During the quarter, Rediff expanded its range of local search services with the launch of a number of new offerings. One of the new tools that it had launched was the Google News-like search tool, Rediff Newshound, which searches through 1,000 news sources. It also launched a job search and product search tool.
“We believe that as the Indian Internet market grows, we have to focus on anticipating and meeting users’ changing needs. We will continue to focus on product innovation based on our users’ requirements, using world class technology, as part of our core strategy,” said Ajit Balakrishnan, Chairman and CEO, Rediff.com India Ltd.
“We believe that a key differentiator for serving the growing needs of users is through localisation and relevance of products and services and that our current range of products, such as our vertical search tools, VOIP Instant Messenger service, social networking service, advanced blogging platform, email alerts over SMS and Pay4Clicks Classifieds, will allow us to attract consumers from both India and abroad,” he added.