Matrix Labs net dips 27% at Rs 30.65 cr

BS 200 SCORECARD

Matrix Laboratories posted a profit after tax of Rs 30.65 crore on a net sale of Rs 174.37 crore for the quarter ended September 30, 2005. Despite registering an increase in turnover, the company's net profit declined by 26.9 per cent when compared to a PAT of Rs 41.95 crore and sales of Rs 162.47 crore in the corresponding quarter last year.

The company stated that it had realised "exceptionally high profit" in the second quarter of the last fiscal due to supply of launch quantities of Citalopram to the US market.

On a consolidated basis, Matrix recorded a net profit of Rs 43.69 crore on a sales turnover of Rs 291.58 crore for the second quarter of the current fiscal.

The consolidated figures include the performance of Docpharma NV to the extent of 95.5 per cent holding and Explora Laboratories SA to the extent of 43 per cent holding but do not include the proposed consolidation of Astrix Laboratories, FCC and Mchem.

The annualised earnings per share of Rs 2 each, on a consolidated basis, works out to be Rs 11.68. At a meeting on Thursday, Matrix board of directors has approved divestment of the company's 50 per cent equity in the two joint ventures, Medikon Galenicals, India, and CEM Pharma Life Sciences, Ireland. The meeting also approved induction of Leon Von Rompay, chief executive officer of Docpharma, on to the company's board.