Shasun Chemicals in the red on forex loss

Forex losses of Rs 13.5 crore caused the Chennai-based drug major Shasun Chemicals and Drugs to post a net loss of Rs 19.04 crore for the quarter ended September 30, 2008. It posted a net profit of Rs 8.2 crore in the corresponding quarter last year.

Consolidated revenues stood at Rs 219 crore, 6 per cent higher than Rs 206 crore for the corresponding quarter last year.

The company has decided to close down an unviable manufacturing facility at Annan. The facility would be closed by end of March 2009 and products manufactured at the site would be relocated to alternative Shasun locations.