Ranbaxy swings to Q4 loss

Feb 22, 2011 |

Reuters

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Ranbaxy

New Delhi: Ranbaxy, controlled by Japan's Daiichi Sankyo, only reported full-year results and declined to comment on what caused the loss. A Reuters calculation showed the fourth-quarter net loss at 97 million rupees ($2.15 million), compared with a profit of 2.56 billion rupees a year earlier.

A Reuters poll had forecast net profit of 3.17 billion rupees for the firm.

For the year ended December 31, the company posted a five-fold rise in full-year net profit to 14.97 billion rupees ($330 million) up from 2.96 billion rupees reported a year earlier.

Global demand for generic drugs from drugmakers such as Ranbaxy and domestic rivals Dr. Reddy's Laboratories, Cipla Ltd and Sun Pharmaceutical Industries, is booming as developed nations battle rising healthcare costs.

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