Reddif.com Q2 net loss widens to $2.61 mn

Internet firm Reddif.com today said its net loss has widened to $2.61 million in the second quarter of 2009, while its revenues declined by 43 per cent.

In the year-ago period the company had a net loss of $0.42 million, Reddif.com said in a statement.

Total revenues decreased to $4.19 million in the quarter ended September 30, 2009 from $7.32 million in the same period last fiscal.

Rediff.com Chairman and CEO Ajit Balakrishnan commented on declining revenues, "We have taken a number of steps to improve the customer experience on our site, including the removal of ads from our home page, reduction of intrusive and non-contextual ads on other pages, as a result of which we expected a reduction in our revenue in the upcoming quarters."

Internet firm revenues from Indian online operations declined to $3.08 million from $5.62 million in the year-ago period, while from US publishing businesses revenues decreased to $1.11 million in the second quarter of this year to $1.70 million in the year-ago.

The company's cash balance marginally decreased in the quarter under review to $48 million as of from $49 million in the year-ago period.