Rediff.com announces 10 pc increse in revenue

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Mumbai, Jan 28 (UNI) Rediff.com India Limited, a leading worldwide online providers of news, information, communication, entertainment and shopping services to Indians worldwide, today announced a ten per cent increase in its revenue for the third quarter of the current fiscal at US 8.53 million dollars as compared to USD 7.75 million in the same quarter last fiscal year.

Revenues from India Online, which comprised online advertising and fee-based services, increased by eight to USD 6.12 million during the quarter ended December 31, 2007, as compared to USD 5.69 million during the same quarter last fiscal year, the company said in a release here.

Revenues from US Publishing for the quarter ended December 31, 2007 increased by 17 per cent to USD 2.41 million from USD 2.06 million during the same quarter last fiscal year.

Operating expenses increased by 25 per cent to USD 5.67 million for the quarter ended December 31, 2007, as compared to USD 4.52 million for the same quarter last fiscal year, primarily due to higher advertisement and marketing, increased bandwidth and higher payroll costs.

Operating expenses for the quarter ended December 31, 2007 as well as for the quarter ended December 31, 2006 included a charge of USD 0.44 million on account of stock-based compensation cost.

Net income for the quarter ended December 31, 2007 was USD one million or 3.45 cents per ADS, compared to a net income of USD 1.51 million, or 5.20 cents per ADS, for the same quarter last fiscal year.

Total cash and cash equivalents and short-term deposits with banks as of December 31, 2007 were approximately USD 59.56 million.

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