Oct 29 Indian drugmaker Ranbaxy Laboratories
posted a loss for the second straight quarter, hurt by
foreign exchange charges and a one-time write-off related to one
of its plants under an import ban by the U.S. health regulator.
Net loss in July-September was 4.5 billion rupees ($73
million) from a profit of 7.5 billion rupees a year earlier, it
said. Ranbaxy is 63.5 percent owned by Japan's Daiichi Sankyo Co
The company incurred a forex charge of 3.6 billion rupees in
the latest quarter, while the year-ago results included a forex
gain of 3.93 billion rupees.
Sales rose 3 percent to 27.5 billion rupees during the
The U.S. Food and Drug Administration imposed an import
alert last month on Ranbaxy's factory in Mohali in northern
India, saying the plant had not met "good manufacturing
All three Ranbaxy plants in India dedicated to the U.S.
market, which accounts for more than 40 percent of its sales,
have now been barred from shipping to the United States.
The company had pleaded guilty in May to U.S. felony charges
related to drug safety and agreed to a record $500 million in
fines. After falling more than 40 percent in the months
afterwards, the share price had started to inch back up.
($1 = 61.5050 Indian rupees)
(Reporting by Aradhana Aravindan and Swati Pandey in MUMBAI;
Editing by Prateek Chatterjee)