BWI: Rediff.com Publishes its Unaudited Balance Sheet as of September 30, 2010 and its Statements of Earnings for the Six Months Ended September 30, 2010

Press release from Business Wire India
Source: Rediff.com (India) Ltd.
Thursday, January 27, 2011 03:30 PM IST (10:00 AM GMT)
Editors: General: Consumer interest, Economy; Business: Accounting & management consultancy services, Banking & financial services, Business services, Financial Analyst, Information technology, Stock exchanges; Technology
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Rediff.com Publishes its Unaudited Balance Sheet as of September 30, 2010 and its Statements of Earnings for the Six Months Ended September 30, 2010


Mumbai, Maharashtra, India, Thursday, January 27, 2011 -- (Business Wire India) -- 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, 2010 and its unaudited consolidated statement of income for the six months ended September 30, 2010. 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.

Notes:
1. Costs of revenue presented in the statement of operations for the half year ended September 30, 2010 and 2009 includes internet communication, data storage and software usage costs (referred to as "website connection and maintenance costs") incurred for the operation of the Rediff website; these costs were earlier included as part of Operating expenses .
2. During the Fiscal year ended March 31, 2010 the company established an ESOP trust for the benefit of the employees and purchased 750,000 shares (equivalent to 1,500,000 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, 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.

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Press Release
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http://www.BusinessWireIndia.com/attachments/Half_yearly_financials_sep_10-1.pdf
Half_yearly_financials_sep_10-1.pdf


CONTACT DETAILS
Mandar Narvekar, Investor Relations and Corporate Affairs Contact, Rediff.com (India) Ltd., +91 (22) 24449144, investor@rediff.co.in
Glenn Wiener, G W Communications (U.S.A.),, 212.786.6011, gwiener@GWCco.com
Jay Morakis, GW Communications (U.S.A.), 212.786.6037, jmorakis@GWCco.com

KEYWORDS
CONSUMER, ECONOMY, CONSULTANCY SERVICES, BANKING, BUSINESS SERVICES, Financial Analyst, IT, STOCK EXCHANGES, TECHNOLOGY

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