The Hindu Business Line : Matrix posts loss; revenues at Rs 395.3 cr

Advertisement

Hyderabad Feb.1 Matrix Laboratories Ltd (MLL), which was acquired by Mylan Laboratories of US, has posted a net loss of Rs 90 lakh on a consolidated net sales of Rs 395.3 crore for the third quarter ended December 31, 2006.

MLL cited an unfavourable impact from income taxes, primarily at Docpharma, its 100 per cent subsidiary, due to operating losses at certain Docpharma-related entities for which no tax benefit could be recognised and certain one-time provisions as the reasons for the net loss during the current quarter.

MLL said the results of the previous quarter and nine months ended December 31, 2005 had certain exceptional items, which impacted the net favourably by Rs 68.59 crore. The company also transferred a manufacturing unit to Astrix Laboratories Ltd, its 50:50 joint venture with Aspen at the end of the previous year's Q2. Hence, the results of the current quarter and nine months ended December 31, 2006 are not comparable to the previous period results.

In line with the decision to realign its business, the lower EBITDA which stood at Rs 67.9 crore for the current quarter against Rs 69.8 crore in the second quarter of the present fiscal, was primarily the result of lower than expected earning by Docpharma as well as increased R&D spend.

Docpharma recorded revenues of Rs 86.2 crore (Rs 92.2 crore) in Q3. MLL earned a net profit of Rs 15.9 crore on a sales of Rs 373.2 crore during the second quarter of the current fiscal. The R&D spend was Rs 26.3 crore (Rs 22.6 crore).