Rediff.com India Limited (NASDAQ: REDF), one of the leading worldwide online providers of news, information, communication, entertainment and shopping services to Indians worldwide, has recently announced its financial results for the third fiscal quarter ended December 31, 2006. A copy of the earning release is available on the Company's website, http://investor.rediff.com .
Selected Financial Highlights of the earnings release are as follows (all comparisons are with the same quarter from the previous fiscal year) -
Revenues for the quarter ended December 31, 2006 totaled Rs. 34.8 crores, an increase of 54% over revenues from the quarter ended December 31, 2005.
India Online business segment revenues for the quarter ended December 31, 2006 grew by 80% to Rs. 25.6 crores compared to India Online revenues for the quarter ended December 31, 2005. Within this business segment, revenues from online advertising grew by 103% for the quarter ended December 31, 2006 compared to the same quarter in the prior fiscal year.
US Publishing business segment revenues for the quarter ended December 31, 2006 increased by 11% to Rs. 9.2 crores compared to US Publishing revenues for the quarter ended December 31, 2005.
Gross Margins increased to 82% for the quarter ended December 31, 2006, compared to 75% for the quarter ended December 31, 2005.
Operating EBITDA increased to Rs. 8.2 crores for the quarter ended December 31, 2006 as compared to Rs. 4.3 crores for the quarter ended December 31, 2005.
Net income for the quarter ended December 31, 2006 was Rs. 6.8 crores, compared to a net income of Rs. 1.4 crores, for the quarter ended December 31, 2005.
Registered users grew to 5 crores as of December 31, 2006, a 23% increase over the number of registered users as of December 31, 2005.
Note - All financial figures mentioned above have been translated from US Dollar (mentioned in earnings release) to Indian Rupees.
