Neuland net down 54.7%

Hyderabad-based active pharmaceutical ingredients manufacturer Neuland Laboratories Limited recorded a 54.7 per cent fall in net profit to Rs 1.83 crore for the quarter ended December 31, 2008, as compared with Rs 4.04 crore in the corresponding period last year. Revenues for the quarter increased 46.36 per cent to Rs 84.47 crore as compared with Rs 57.71 crore last year. Earnings per share was Rs 3.41 as against Rs 7.5.

Chairman and managing director of Neuland DR Rao said the company had to incur a forex loss of Rs 1.83 crore for the quarter including losses due to restatement of foreign currency term loans.

The company has also announced its entry into the peptides segment to bring more value to contract research and generic APIs business. “Advances in drug delivery technologies are opening up avenues for peptides and other niche market segments,” he said. Neuland would first develop a facility for synthesis of peptides for generic APIs and contract research opportunities and would later offer contract manufacturing of peptides on a commercial scale under good manufacturing practices environment for generic and innovator companies.