Rediff.com India Ltd, one of the leading worldwide online providers of news, information, communication, entertainment and shopping services for Indians, on October 24 announced its financial results for the second fiscal quarter ended September 30, 2005.
Revenues for the quarter ended September 30, 2005 were $4.35 million, an increase of 44 per cent over the same quarter last year. Revenue growth was driven by an 89 per cent growth in India Online revenues to $2.80 million, compared to $1.5 million during the same quarter last fiscal year.
Net profit for the quarter was $307,000, compared to a net loss of $381,000 for the corresponding quarter ended September 30, 2004.
Registered users grew to 39.4 million as of September 30, 2005, an 18 per cent increase over the number of registered users as of September 30, 2004.
“We will continue focusing on product innovation based on local user insights, using world class technology, to drive community building, as part of our core strategy,” said Ajit Balakrishnan, Chairman and CEO, Rediff.com India Ltd.
“We believe that our current range of products, such as our VOIP Instant Messenger service, social networking service, advanced blogging tool, email alerts over SMS, Pay4Clicks Classifieds and localised search services, will allow us to attract consumers from both India and abroad. We are happy to have achieved a net income of $307,000
for the current quarter,” he added.
Rediff.com has launched a range of new products and services built for its users in India and overseas, which include fare search, a search and comparison tool that allows users to search and compare domestic airfares across Indian carriers; an upgraded Pay4Clicks performance based advertising platform that allows resellers to upload multiple ads in a single session; and an enhanced email service with features that offer users an experience
akin to desktop email software, among others.