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Rediff.com Q1 revenues up 37 pc at $5.78 mn, registered user base touches 45 million

21-July-2006
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Rediff.com Q1 revenues up 37 pc at $5.78 mn, registered user base touches 45 million

Rediff.com has posted revenues of $5.78 million for the quarter ended June 30, 2006, an increase of 37 per cent over revenues from the quarter ended June 30, 2005. The Nasdaq-listed portal’s revenues from India online advertising grew 68 per cent in the first quarter of 2006-07 over the corresponding quarter last year.

Registered users of Rediff.com have grown to 45 million as of June 30, 2006, a 20 per cent increase over the number of registered users as of June 30, 2005.

India online revenues for Rediff.com for the first quarter grew by 52 per cent to $4.06 million over revenues from the quarter ended June 30, 2005. US publishing revenues for the quarter grew by 12 per cent to $1.72 million over revenues from the quarter ended June 30, 2005.

Gross margins of the company increased to 78 per cent in Q1, compared to 69 per cent in the corresponding quarter for the previous fiscal. Net income for the quarter was $1.98 million, compared to a net income of $53,000, for the quarter ended June 30, 2005.

The number of advertisers on the company’s site for the quarter ended June 30, 2006 totaled approximately 165 brands, an increase of 24 per cent over the number of advertisers during the same period in the previous fiscal.

Six industry categories accounted for 74 per cent of advertising revenues for the quarter ended June 30, 2006 – consumer financial services, employment, education, matrimonial, FMCGs and IT.

For the quarter ended June 30, 2006, the top 10 advertisers contributed approximately 55 per cent of advertising revenue for the India online business, compared to 53 per cent during the same period in the previous fiscal.

Usage of the company’s VoIP-enabled Rediff Bol Instant Messenger grew steadily with a 40 per cent increase in the number of unique users compared to the quarter ended March 31, 2006. With mobile users forming a sizeable potential user base, a beta version of Rediff Bol is now available for all WAP-enabled mobile phones. The company is also testing a downloadable client on Symbian OS mobiles within a closed user group.

Rediff Classifieds, the company’s performance-based ad platform that allowed very small advertisers to benefit from online advertising through use of an automated ad creating and uploading front end tool and built-in SMS enabled response mechanism, had become one of the leading online classifieds channels in India, the company said in a statement. As of June 30, 2006, Rediff Classifieds had 149 categories of ads and more than 130,000 listings.

Fare Search, which enables users to search and compare lowest airfares across all domestic airlines, reported an 87 per cent jump in the number of searches. Job Search, which allows users to choose from over 400,000 jobs across 100 sites, saw the number of searches increase by 77 per cent, it said in a statement.

“As the Indian Internet market grows, we will continue to focus on product innovation based on our users’ requirements, as part of our core strategy,” said Ajit Balakrishnan, Chairman and CEO, Rediff.com India Ltd. “The other key area of focus is in developing platforms and user friendly tools to grow our base of smaller advertisers to include employment recruiters, travel agents and small business owners to optimise the Internet to reach potential customers across the country. We believe that this will benefit our users in search of, among other items, low airfares or travel packages, jobs and ring tones, with a wider choice of offerings,” he added.

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