(RTTNews) - Rediff.com India Ltd.
(REDF), an online news and information provider, on Friday reported a decline in its fourth quarter profit, on higher expenses and lower US Publishing revenues.
The company's fourth-quarter net income fell to $1.02 million or 3.42 cents per American Depository share, or ADS, from prior year's net income of $2 million or 6.71 cents per ADS.
Total revenues for the quarter grew 7% to $9.06 million from $8.48 million a year ago. India Online revenues, including advertising and fee-based revenues, climbed 14% year-over-year to $7.18 million, while US Publishing revenues declined 14% from last year to $1.88 million.
Gross margins for the quarter stood at the prior year level of 83%.
For the fiscal year 2008, Rediff.com's net income declined to $5.03 million, or 17.00 cents per ADS from $6.99 million or 24.04 cents per ADS in the prior year.
Full-year revenues rose 13% to $32.25 million, from prior year revenues of $28.58 million.
As of March 31, 2008, the company's registered users were 65.7 million, 22% higher than the previous year.
REDF closed Thursday's regular trading session at $8.51, up $0.01, on a volume of 101 thousand shares.
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