BOSTON (Thomson Financial) - Shares of Rediff.com India Ltd. fell on heavy
volume Monday after the company reported third-quarter earnings that were below
year-earlier levels.
Before the opening bell, Rediff.com said third-quarter net income fell to $1
million, or about 3 cents per American depository share, from $1.5 million, or
about 5 cents per American depository share, a year earlier.
Revenue for the India-based provider of online Internet-based services rose
10% to $8.5 million from $7.8 million. The company attributed the rise in
revenue to a 17% increase in sales from its U.S. publishing segment and an 8%
increase in its sales from India Online, which comprises online advertising and
fee-based services.
Shares of Rediff.com tumbled 16.1% to $8.98 on volume of 300,000. The
issue's 30-day average volume is about 122,100 shares.
Casey Logan
cl/jw
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