India-based online portal Rediff.com (REDF: Quote) on Tuesday reported a narrower net loss for its fourth quarter as a sharp decline in revenues were more than offset by higher margin and lower expenses.
For its fourth quarter, net loss was $1.42 million or $0.051 per American Depository Share, compared to prior year's loss of $2.28 million or $0.084 per ADS.
Revenues declined 18 percent to $4.64 million from $5.64 million last year. While advertising revenues were down, the company saw a 68 percent increase in e-commerce revenues.
In the quarter, total India revenue, which includes fee-based and online advertising revenues, declined 23 percent in dollar terms. India online advertising revenues fell 25 percent.
The company noted that its India Online revenues were impacted by 11 percent due to foreign currency fluctuations as the Indian Rupee weakened vs. the U.S. dollar in the comparable year-over-year periods.
Gross profit declined from last year, while gross margin improved 100 basis points to 49 percent.
The operating EBITDA loss was $1.20 million, narrower than last year's loss of $1.29 million. In the quarter, operating expenses also declined.
For the full year, net loss widened hurt by lower revenues.
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by RTT Staff Writer
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