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Saturday, Apr 25, 2009
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Business Daily from THE HINDU group of publications Saturday, Apr 25, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Pharmaceuticals Corporate Results - Pharmaceuticals
Our Bureau New Delhi, April 24 Ranbaxy Laboratories Ltd on Friday reported a loss of Rs 777.77 crore, on a stand alone basis, for the first quarter ended March 31, 2009, against a profit of Rs 131.4 crore in the corresponding quarter last year. This is primarily due to foreign exchange losses. Mr Malvinder Mohan Singh, Chairman, CEO and Managing Director, Ranbaxy, said, “This quarter has been challenging for the global economy and also the pharmaceutical industry with depreciation in several currencies and a downturn in demand and liquidity affecting performance, across sectors. “Our diversified market base has helped us deal with these issues, mitigating their impact to a large extent. Synergies from our relationship with Daiichi Sankyo are starting to kick in. Early signs of this were evident as we have launched Olmesartan in India. This traction will increase as we move forward, bringing benefits to both organisations.” The company said that during 2009, it expects to achieve sales of approximately Rs 7,000 crore and loss of Rs 800 crore on a consolidated basis. Ranbaxy’s consolidated revenues have been hit by the ban imposed by the US Food and Drug Administration on 30 drugs manufactured by the company at its Paonta Sahib plant. Barring India and the Asia Pacific region, the company saw a decline in its revenues from all other regions. Revenues from N. America
Revenues from the North American region were down 7 per cent to Rs 404 crore in March 2009 from Rs 435 crore in the first quarter of 2008. “Sales were slow due to poor monetary conditions, pricing pressures, an import alert on products in the US and devaluation of several currencies,” said a statement. Income from developed markets was 6 per cent lower at Rs 606 crore. Sales in Europe were down 14 per cent to Rs 283 crore during the quarter ended March 2009 compared with Rs 329 crore in the previous year. “Global revenues were down 4 per cent to Rs 1,558 crore from Rs 1,623 crore. The company reported losses of Rs 761 crore on a consolidated basis compared to a profit of Rs 85.8 crore in the corresponding period last year. Ranbaxy reports net loss of Rs 806 cr Ranbaxy's new auditor, director Ranbaxy facility gets UK, Australian clearance More Stories on : Pharmaceuticals | Pharmaceuticals | Ranbaxy Laboratories Ltd
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