NASDAQ-listed Rediff.com India Ltd. (NSDQ: REDF) publisher of Rediff.com and US-based India Abroad newspaper, today posted a net loss of $8.86 million (Rs41.89 crore @ Rs47.29/dollar), compared with a profit of $0.90 million during the year ago period on decline in online advertising and depreciation of the Indian rupee vis-a-vis the US dollar. Total Revenue dropped 50.44% from $9.06 million to $4.49 million. The figures have also been affected by a one-time ‘goodwill and other impairments’ write down of $6.91 million in the print business.
For the year ended 31 March, the company swung to a loss of $11.26 million from a net profit of $4.92 million during the previous fiscal. The company said the rupee depreciated 25% during the year under review. “