Last financial year seems to have not gone down well with India’s largest online portal. Rediff.com has reported reported a net loss of $7.97 million for the year ended March 31, 2010. Though if you compare it to last year then it paints a picture that’s getting better as last year Rediff had netted a loss of $11.26 million.
And its not only the net profit. Overall revenues have also declined from previous years $25.43 million to $18.84 million this year. If you make a quarterly comparison then the last quarter of this year was relatively less damaging that last quarter of last year. Rediff netted a loss of $2.28 million this year compared to Q4 last year where it recorded a loss of $8.86 million.
So overall India revenues decreased by 34% compared to last year and even US Publishing business declined by 38%. Though the number of users continued to grow at Rediff as they saw a rise of 15% in userbase on a year on year comparison.
Rediff plans to invest about 1 to 1.5 million $ to increase userbase which it believes will inturn increase revenues for the company. Currently the company has a cash balance of 44.7 million $ which it hopes will be good enough to help them attract more users in the next 2-3 quarters.