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Rediff: Virtual profits?

Jan 18, 2001

Foreign exchange gains, interest income and an 18% reduction in marketing expenses (quarter on quarter) have helped Rediff.com keep its losses under control in the current quarter. The net revenues have grown by almost 30% quarter on quarter while the operating losses have declined by 15%.

(US $ m) 2QFY01 3QFY01 Change
Sales 1.3 1.8 30.6%
Other Income 1.0 1.1 11.6%
Expenditure 4.2 4.1 -0.5%
Operating Profit (EBDIT) (2.8) (2.4) -15.3%
Operating Profit Margin (%) -209.7% -136.0%  
Interest      
Depreciation 0.3 0.3 4.0%
Profit before Tax (2.1) (1.6) -25.1%
Forex gains 2.0 0.8  
Tax 0.0 0.0 0.0%
Profit after Tax/(Loss) (0.1) (0.8) 530.8%
Net profit margin (%) -9.7% -46.9%  
Earnings per share* (0.0) (0.3)  
Earnings per ADS* (0.1) (0.7)  
*annualised      

Rediff.com is an Internet portal specifically targeted at the Indian community worldwide. It develops and aggregates content (news and editorials) and provides community offerings (e–mails, chat, instant messenger) and shopping facilities for a range of products. The company derives its revenues from online advertising as well as e–commerce.

The company's ADS closed at price of US$ 3.87 up 14% over the previous day. Rediff had issued its ADS at US$ 12 per ADS. (Each ADS represents one–half of a share.)


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