Biocon Q2 net down by 29%
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Biocon Q2 net down by 29%

By agencies   |   Thursday, 20 October 2005, 07:00 Hrs
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BANGALORE: India’s major bio pharma company Biocon Ltd, reported a dip in its net profit by 29 percent for the second quarter of the current financial year on year-on-year basis at $0.80 million.

The revenue of the company grew by 2.6 percent to $4.059 million. Announcing the results the company¬ís Chairperson, Kiran Mazumdar Shaw said: ¬ďThe profit was nipped by a highly competitive European statins market landscape and a higher tax outgo.¬Ē

The company¬ís result was expected to be flat, with good opportunities set to emerge next fiscal. ¬ďWe have many excellent growth drivers which are beginning to bear fruit. We are confident that we will deliver healthy operating margins for the full year,¬Ē Kiran said.

The company’s revenue was up 14 percent from $3.56 million and the post-tax profit grew nearly 8 percent from $0.74 million, compared to first quarter of the current financial year. For the last six months, mainly contract research business, enzymes, insulin and pharmaceuticals led growth.

Income from contract research revenues for the half-year grew by 45 percent from $0.65 million last financial year to $0.95 million this year. Syngene has added several new clients and the clinical research subsidiary Clinigene International is also beginning to build business, and the recent tie-up with leading international CRO Scirex would play an important role in this, she added.

"Last year's numbers really reflected a market with very little competition. This year's volume growth has come at the cost of profitability that these products enjoyed in the previous years," she said. Biocon ended fiscal 2005 with revenue of $15.27 million.

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