BOSTON (Thomson Financial) - Shares of Rediff.com India Ltd. tumbled Friday
after the Mumbai, India-based Internet company reported fiscal fourth-quarter
profits that fell by roughly 50% versus the year-ago period.
The stock fell 7.7% to $7.83 on volume of 47,000 shares, adding to the
issue's 22% decline year-to-date.
Early Friday, Rediff.com reported fourth-quarter net income of $1 million,
or 3 cents per American Depositary share, compared with income of $2 million, or
7 cents per American Depositary share, a year earlier.
One analyst polled by Thomson Reuters had estimated earnings of 4 cents per
ADS.
Revenue for the three months ended March 31 rose by 7% to $9.1 million from
$8.5 million in the same quarter of fiscal 2007.
The company said operating expenses for the fourth quarter also rose by 21%
to $6.1 million because of higher bandwidth, advertising and marketing expenses,
and higher payroll costs.
Greg Saulnier
gs/vj
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