Ranbaxy posts Rs.6.8 bn losses in fourth quarter

January 22nd, 2009 - 8:07 pm ICT by IANS  

New Delhi, Jan 22 (IANS) Leading drug maker Ranbaxy Laboratories Thursday reported a net loss after tax of Rs.6.8 billion for the quarter ended Dec 31, against a profit of Rs.1.88 billion during the like period the previous year, The company reported a net loss of Rs.9.14 billion (Rs.914.6 crore) for the financial year ended Dec 31, as compared to a net profit of Rs.7.87 billion (Rs.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 Rs.72.5 billion (Rs.7,250.7 crore) from Rs.66.93 billion (Rs.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.

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