Ranbaxy posts losses in fourth-quarter results

Ranbaxy has posted a net loss of 6.8 billion rupees (100.8 million pounds) in its fourth-quarter results.

The figures, which run up to December 31st last year, are down on the company’s profit of 1.8 billion rupees achieved 12 months earlier.

However, the organisation did note a growth of eight per cent in consolidated sales, now accounting for 72.5 million, as well as an increase of seven per cent in developed markets sales.

Commenting on the results, Malvinder Mohan Singh, chairman, chief executive officer and managing director of Ranbaxy, said the business had faced hurdles over 2008, following unforeseen economic events.

He added: “Through several path-breaking initiatives, we have secured a future of high growth for the company while we are focused on resolving the ongoing issues that have adversely impacted us this year.”

In November last year, Ranbaxy announced Daiichi Sankyo had acquired 63.92 per cent of the company’s equity share capital.