Neuland Laboratories Q1 sales up, forex loss drains net

Hyderabad, July 24 (UNI) Neuland Laboratories Limited today announced a growth of 25.13 per cent in its net sales from Rs 46.76 crore during the first quarter in the previous fiscal to Rs 58.51 crore for the quarter ended June 30, 2008.

The company's Profit After Tax was Rs 1.01 crore. Profitability for the quarter would have been higher if not for the foreign exchange loss of Rs 1.93 crore, a release here claimed.

It reported a turnover of Rs 60.06 crore during the first quarter of this fiscal as against Rs 47.84 crore in the corresponding quarter last year.

In a statement, Chief Operating Officer (COO) D Sucheth Rao said, ''The strong growth plan for 2007-08 is reflected in our sales which soared to Rs 58.51 crore, an increase of 25.13 per cent.

''Neuland' first quarter results is a clear indication of how our business plans, projects and targets are in place and we are moving towards achieving the planned growth and profitability for 2008-09.

''The growth has been despite the foreign exchange loss of Rs 1.93 crore. The net profits would have been higher if not for this.'' UNI VA GM 1658