Dishman Q3 net dips 94% at Rs 1.74 cr; to recast Swiss unit

Ahmedabad, Feb 11 (PTI) Dishman Pharmaceuticals todayreported over 94 per cent dip in net profit at Rs 1.74 crorein the third quarter ended December 31 from Rs 32.53 croreposted in the corresponding period a year ago.

However, consolidated turnover of the company, whichmanufactures drugs for other pharmaceutical firms on acontract basis, increased by 4.26 per cent at Rs 231.76 croreas against Rs 222.30 crore in the same quarter a year ago.

"Performance of the company has been adverselyimpacted owing to a lower-than-expected performance of theSwiss subsidiary, Carbogen Amcis AG, specifically with regardto a reduction in one-off contract research projects," aDishman statement said here.

The sales of Carbogen in the third quarter stood at Rs79.50 crore as against Rs 66.95 crore in the correspondingperiod a year ago, it said.

"We have chalked out a comprehensive businessrestructuring plan for Carbogen. The company CEO has beenfired for poor quarter-on-quarter performance and I have takenover the charge," Dishman Managing Director J R Vyas said.

"The full impact of restructuring will be visible from2011-2012," he said.

The company has proposed to come out with a statementthat illustrates the company''s initiatives towards improvingtop line and bottom line.