Rediff’s Q2 Profits Jump Mainly Driven By India Revenues

paidContent.org: Rediff.com, among India’s biggest portals (and traded on Nasdaq), posted a sizable profit for Q2, reversing a year-ago loss. Rediff earned $307,000, compared with a year-ago loss of $381,000. Revenue grew 44 percent to $4.4 million from $3 million. The company said growth was driven by a nearly 90 percent jump in revenue from its India Online–which comprised of Rediff.com–operation.
Its shares bounced up to $3.20, or 21.2 percent, to $18.32 in morning trading on the Nasdaq. Over the past 52 weeks, its shares have bounced around between $5.52 and $18.50.
More in the release here
Rafat adds: I would say it is a good acquisition target for media companies trying to enter India…independent and big brand name within the Indian community, both in Indian and expatriate community abroad.
Karat adds: The turnaround of Rediff was expected with the online advertising market in India showing traction. Rediff now charges $10,000-$12,000 a day for a premier position on its home page. The rates have gone up. Now Ajit Balakrishnan, Rediff’s CEO, can smile, can’t he?

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