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Rediff.com Q2 net profit up at $1.5 mn

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MUMBAI: Rediff.com has posted a net a income of $ 1.5 million, or 5.14 cents per ADS, for the second quarter ended 30 September 2006, up from $ 310,000, or 1.19 cents per ADS, a year ago.

Revenues rose by $6.66 million, an increase of 53 per cent over revenues from the quarter ended 30 September 2005. While India contributed to online revenues that grew by 71 per cent to $4.71 million, as compared to the corresponding period of the previous year.

US Publishing revenues for the second quarter increased by 23 per cent to $1.95 million compared to the revenues for the quarter ended 30 September 2005, states an official release.

Operating EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) increased to US $1.14 million for the quarter ended 30 September 2006 as compared to US $0.50 million in the corresponding period of the previous year.

With revenues from the India Online advertising business growing by 94 per cent for the quarter ended 30 September, compared to the same quarter in the prior fiscal year, online advertising remains the primary growth driver for the company.

There has also been a spike in the number of registered users on the site which has grown by 21 per cent to 47.7 million, over the number of registered users a year ago.

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