Ranbaxy posts $126 Million losses in fourth quarter

Friday, 23 January 2009, 23:46 IST   |    3 Comments
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New Delhi: Leading drug maker Ranbaxy Laboratories Thursday reported a net loss after tax of around $126 Million (6.8 billion) for the quarter ended Dec 31, against a profit of 1.88 billion during the like period of the previous year. The company reported a net loss of 9.14 billion (914.6 crore) for the financial year ended Dec 31, as compared to a net profit of 7.87 billion (786.6 crore) the previous year. Ranbaxy attributed the losses to currency fluctuations and adopting of new accounting standards. Total sales rose 8.3 percent to 72.5 billion (7,250.7 crore) from 66.93 billion (6,692.7 crore) in the financial year 2007 starting Jan 1. The Ranbaxy scrip closed 8.89 percent down on the Bombay Stock Exchange. "It is our intention to be in profit in 2009 for the full year," said Ranbaxy chairman and chief executive Malvinder Mohan Singh.
Source: IANS