Financial Daily from THE HINDU group of publications
Friday, May 07, 2004
Financial Daily from THE HINDU group of publications Friday, May 07, 2004 |
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Corporate Results
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Pharmaceuticals Morepen gross revenues down
MOREPEN Laboratories has recorded gross revenues of Rs 31.83 crore for the quarter ended March 31, 2004, a decline of 61.6 per cent over the previous year's Rs 83.01 crore. The company continued to remain in the red with a net loss of Rs 8.72 crore for the quarter. This is higher than last year's loss of Rs 4.94 crore. However, the company has generated an operating profit of Rs 6.21 crore. After making a provision of Rs 3.43 crore, the cash profit stood at Rs 2.78 crore. A company statement said that the improvement in bottom line has been due to a series of re-organisation, including rationalisation of staff, which has resulted in a decrease of 24 per cent in staff cost. It also believes that the ongoing financial restructuring through the corporate debt restructuring (CDR) process would lead to improvement.
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