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Revenues grew 340 per cent during the year, amounting to $24.76 million ($5.62 million). Operating expenses declined 21 per cent, to $2.68 million.

MUMBAI, May 16

REDIFF.COM has reported a loss after tax of $1.19 million for the quarter ended March 31, 2002. The company had reported $2.56 million as loss after tax for the quarter ended March 31, 2001.

Revenues increased 335 per cent quarter on corresponding quarter, to $6.67 million, from $ 1.53 million. Loss before interest, tax and depreciation decreased to $0.81 million from $2.63 million.

Loss after tax for the year ended March 31, 2002, amounted to $14.75 million, ($6.36 million loss the previous year), the large differential chiefly on account of one time charges on write off of investment and on restructuring, amounting to $7.42 million.

Revenues grew 340 per cent during the year, amounting to $24.76 million ($5.62 million). Operating expenses declined 21 per cent, to $2.68 million ($3.35 million).

Loss before interest, tax and depreciation declined, to $7.10 million from $10.82 million reported during the previous year. Loss per ADS at the EBITDA level decreased to 27.7 cents compared to 42.3 cents the last fiscal, said the company.

Total registered users increased 13.7 per cent to number 17.4 million as of March 31, 2002. The company said it has been able to modestly grow its revenues despite the slow economic conditions. The company did not give any time-frame for turning profitable.

``Despite the slow economic conditions, we have been able to modestly grow our revenues while reducing our operating costs and improving our operational efficiencies,'' the Chairman, Mr Ajit Balakrishan, said in a statement.

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