MUMBAI, India, March 18, 2016 /PRNewswire/ -- In compliance with
the NASDAQ Rule 5250(c)(2), which requires that each foreign
private issuer with securities listed on the NASDAQ distribute
interim financial information within six months following the end
of such foreign private issuer's second fiscal quarter, Rediff.com
India Limited hereby publishes its unaudited consolidated balance
sheet as of September 30, 2015 and its unaudited consolidated
statement of comprehensive loss for the six months ended September
30, 2015. It should be noted that the financial statements set
forth in this press release are subject to audit and while no
significant changes are anticipated, an audit could result in
adjustments which would result in the audited numbers varying from
the financial statements set forth below.
|
REDIFF.COM INDIA
LIMITED
CONSOLIDATED
BALANCE SHEETS
As of March 31,
2015 and September 30, 2015
|
|
(All figures in
US$ million)
|
|
|
|
|
As
of
March
31, 2015
|
As
of
September 30,
2015
|
|
(Audited)
|
(Unaudited)
|
|
Assets
Current
Assets
Cash and cash
equivalents
|
8.29
|
6.85
|
|
Trade accounts
receivables, net
|
2.48
|
1.98
|
|
Prepaid expenses and
other current assets
|
1.27
|
1.24
|
|
Total current
assets
|
12.04
|
10.07
|
|
Property, plant and
equipment, net
|
-
|
0.44
|
|
Recoverable
Taxes
|
1.20
|
1.51
|
|
Other non-current
assets
|
0.89
|
0.67
|
|
Total non-current
asset
|
2.09
|
2.62
|
|
Total
assets
|
14.13
|
12.69
|
|
|
|
|
Liabilities and
shareholders' equity
Liabilities
Current
liabilities
Accounts payable and
accrued liabilities
|
5.20
|
6.98
|
|
Customer advances and
unearned revenues
|
1.78
|
2.04
|
|
Total current
liabilities
|
6.98
|
9.02
|
|
Other non-current
liabilities
|
1.01
|
1.17
|
|
Total non-current
liabilities
|
1.01
|
1.17
|
|
Total Liabilities
|
7.99
|
10.19
|
|
Shareholders'
equity
Equity share capital:
Issued and outstanding
|
1.76
|
1.76
|
|
Additional paid in
capital
|
132.62
|
132.67
|
|
Accumulated other
comprehensive loss
|
(14.82)
|
(15.00)
|
|
Accumulated
deficit
|
(108.99)
|
(112.50)
|
|
Treasury shares, at
cost (See note below)
|
(4.43)
|
(4.43)
|
|
Total
shareholders' equity
|
6.14
|
2.50
|
|
Total liabilities
and shareholders' equity
|
14.13
|
12.69
|
|
REDIFF.COM INDIA
LIMITED
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
For each of the
half years ended September 30, 2014 and 2015
|
|
(All figures in
US$ million)
|
|
|
|
Half year ended
September 30,
|
|
2014
|
|
2015
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Revenues
India
Online
|
6.55
|
|
5.82
|
|
US
Publishing
|
1.18
|
|
0.89
|
|
Total
revenues
|
7.73
|
|
6.71
|
|
Cost of Revenues
(excluding depreciation
and amortization separately disclosed below)
India
Online
|
4.53
|
|
3.93
|
|
US
Publishing
|
1.04
|
|
0.71
|
|
Total cost of
revenues
|
5.57
|
|
4.64
|
|
Gross
margin
|
2.16
|
|
2.07
|
|
Operating
Expenses
Sales and
marketing
|
3.72
|
|
1.77
|
|
Product
development
|
1.16
|
|
1.12
|
|
Depreciation and
amortization
|
0.96
|
|
-
|
|
General and
administrative
|
3.59
|
|
2.96
|
|
Foreign exchange
loss, net
|
0.01
|
|
0.02
|
|
Total operating
expenses
|
9.44
|
|
5.87
|
|
Operating
loss
|
(7.28)
|
|
(3.80)
|
|
Other income
(expense), net
|
|
|
|
|
Interest
income
|
0.56
|
|
0.25
|
|
Miscellaneous
income
|
0.23
|
|
0.05
|
|
Total other
income, net
|
0.79
|
|
0.30
|
|
Loss before income
taxes
|
(6.49)
|
|
(3.50)
|
|
Income tax
expense
|
(0.01)
|
|
(0.01)
|
|
Net
loss
|
(6.50)
|
|
(3.51)
|
Note:
The company established an ESOP trust for the benefit of the
employees and purchased 1,015,000 shares (equivalent to 2,030,000
ADS). These shares are treated as treasury stock.
About Rediff.com
Rediff.com (NASDAQ: REDF) is one of the premier worldwide online
providers of news, information, communication, entertainment and
shopping services to Indians worldwide. Founded in 1996, Rediff.com
is headquartered in Mumbai, India
with offices in New Delhi, India
and New York, USA.
Safe Harbor:
Except for historical information and discussions contained
herein, statements included in this release may constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and reflect our
current expectations. Forward-looking statements are identified by
certain words or phrases such as "may", "will", "aim", "will likely
result", "believe", "expect", "will continue", "anticipate",
"estimate", "intend", "plan", "contemplate", "seek to", "future",
"objective", "goal", "project", "should", "will pursue" and similar
expressions or variations of such expressions. These statements
involve a number of risks, uncertainties and other factors that
could cause actual results to differ materially from those that may
be projected by these forward looking statements. These risks and
uncertainties include but are not limited to the slowdown in the
economies worldwide and in the sectors in which our clients are
based, the slowdown in the Internet and IT sectors world-wide,
competition, success of our past and future acquisitions,
attracting, recruiting and retaining highly skilled employees,
technology, acceptance of new products and services, the
development of broadband Internet and 3G networks in India, legal and regulatory policies, managing
risks associated with customer products, the wide spread acceptance
of the Internet as well as other risks detailed in the Form 20-F
and other reports filed by Rediff.com India Limited with the U.S.
Securities and Exchange Commission. Rediff.com India Limited and
its subsidiaries may, from time to time, make additional written
and oral forward looking statements, including statements contained
in the Company's filings with the Securities and Exchange
Commission and our reports to shareholders. Rediff.com India
Limited does not undertake to update any forward-looking statement
that may be made from time to time by or on behalf of the
Company.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/rediffcom-publishes-its-unaudited-financials-for-the-six-months-ended-september-30-2015-300238173.html
SOURCE Rediff.com India Limited