Matrix Laboratories, belonging to Mylan Laboratories Inc, USA, has incurred consolidated net loss of Rs 9.93 crore during the second quarter ended September 2007 as against a net profit of Rs 15.86 crore in the corresponding quarter of last year due to small growth in net sales, higher R&D expenditure and interest burden. The company's consolidated net sales improved marginally by 0.9 per cent to Rs 376.41 crore from Rs 373.18 crore. With net loss, it's earning per share worked out to negative Rs 0.64 as against Rs 1.03 in the last period.
The pharmaceutical sales improved to Rs 342.43 crore from Rs 320.63 crore during the quarter. However, its medical supplies sales declined sharply to Rs 33.98 crore from Rs 52.55 crore. The company's R&D expenditure during the quarter increased by 53.6 per cent to Rs 34.75 crore from Rs 22.63 crore and its interest burden went up to Rs 23.51 crore from Rs 19.54 crore.
The consolidated figures included operations of subsidiaries - Matrix Laboratories BV, Matrix Laboratories NV, docpharma NV & its subsidiaries, Matrix Singapore Pte Ltd, Mchem Group, China, Matrix Inc, USA and Concord Biotech Ltd, India and joint ventures Astrix Laboratories, India and fine Chemicals Corporation, South Africa and Associate Explora SA, Switzerland.
For the first half of 2007-08, Matrix's net profit declined by 65.8 per cent to Rs 16.96 crore from Rs 49.66 crore. Its net sales improved only by one per cent to Rs 823.43 croer from Rs 815.34 crore.
Though the consolidated results were under pressure, it has produced strong growth in profitability as well as sales on the standalone basis. The company's standalone net profit for the quarter ended September 2007 increased by almost 42 per cent to Rs 13.64 crore from Rs 9.61 crore. Similarly its net sales also moved up by 42 per cent to Rs 202.05 crore from Rs 142.28 crore. Exports surged by 40.6 per cent to Rs 117.98 crore from Rs 83.92 crore in the last period. The company's standalone R&D expenditure during the quarter touched to Rs 24.13 crore.