Reddif.com Q2 net loss stood at $2.61 mn

Internet firm Reddif.com today said its net loss has widened to USD 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 USD 0.42 million, Reddif.com said in a statement.

Total revenues decreased to USD 4.19 million in the quarter ended September 30, 2009 from USD 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 USD 3.08 million from 5.62 million in the year-ago period, while from US publishing businesses revenues decreased to USD 1.11 million in the second quarter of this year to USD 1.70 million in the year-ago.

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