Financial Daily from THE HINDU group of publications
Friday, Dec 26, 2003
Financial Daily from THE HINDU group of publications Friday, Dec 26, 2003 |
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Corporate
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Financial Performance Strides Arcolabs net loss at Rs 27.20 cr Our Bureau
Bangalore , Dec. 25 STRIDES Arcolabs Ltd has reported a net loss of Rs 27.20 crore on sales turnover of Rs 427.12 crore on a consolidated basis for the company's 18-month financial year ended September 2003 tracking an unfavourable external environment. A sharp devaluation in Brazilian currency during 2002 and the developmental expenses in the US subsidiary that is in the investment phase have impacted the company's bottom-line. The forex impact also resulted in under-utilisation of Latin American operations leading to pressure on working capital, the company said in a release. The company is in the process of consolidating the global subsidiaries accounts and would resort to a 15-month financial year for the current fiscal and hence report January-December as its fiscal from 2005 onwards. During the year under review, the company transferred the Contract Research and Manufacturing Division to its wholly-owned subsidiary with effect from April 2002. Hence, the current year results are not comparable with that of the previous year, the release said.
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