Financial Daily from THE HINDU group of publications
Friday, Jan 31, 2003
Financial Daily from THE HINDU group of publications Friday, Jan 31, 2003 |
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Corporate Results
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Pharmaceuticals Corporate - Financial Performance Morepen sales up 14.91 pc in third quarter Our Bureau
NEW DELHI, Jan. 30 EVEN as the Rs 530-crore pharma and healthcare company, Morepen Laboratories Ltd, prepares to reap the benefits of its anti-allergy drug, Loratidine, from the US market - it has posted a 14.91 per cent rise in total income during the third quarter ended December 2002. The company had a total income of Rs. 152.35 crore, as compared to Rs. 132.58 crore in the corresponding period of the previous year. It registered a net profit of Rs 17.91 crore against Rs 9.06 crore. Mr.Sushil Suri, CMD, Morepen Labs, said, "The blockbuster loratadine went off-patent in December 2002 and our focus on the US generic market will start yielding results now." According to a company release, topline growth has been spurred by exports. In the quarter under review, exports grew by 49.29 per cent, from Rs 17.04 crore to Rs 25.44 crore. Besides loratadine, other drugs that were exported include atorvastatin, fexofenadine and sultamicilin.
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