HYDERABAD, India, Feb. 10, 2012 /PRNewswire/ -- Neuland Laboratories Ltd., (NSE: NEULANDLAB; BOM: 524558) a pharmaceutical manufacturer providing active pharmaceutical ingredients (APIs), complex intermediates and contract research and manufacturing services to customers located in 85 countries, today announced financial results for the third quarter of fiscal year (FY) 2012, ended December 31, 2011.
Revenues for the third quarter of FY 2012 were $21.6 million (1.10 billion INR*) compared to revenues in the third quarter of FY 2011 of $19.0 million (968 million INR), an increase of about 13.7%. The increase in revenues primarily reflects gains in sales of the company's products and services from its API, contract research and manufacturing, and peptides synthesis businesses.
Neuland reported EBITDA of $1.85 million (94.50 million INR) in the third quarter of FY 2012, compared to EBITDA of $2.19 million (111.85 million INR) in the comparable period in FY 2011, a decrease of about 15.5%. The decrease in EBITDA in the current quarter primarily reflects higher materials and labor costs compared to the year-earlier period.
The company reported an after-tax loss in the third quarter of FY 2012 of ($0.67 million), (negative 34.00 million INR), compared to after-tax profits of $ 0.82 million (41.59 million INR) in the third quarter of FY 2011. The loss reported in the third quarter of FY 2012 partly reflects non-cash, unrealized losses on foreign exchange rate hedges.
"In the third quarter of FY 2012 we reported good sales growth compared to the same period in FY 2011," noted Dr. D.R. Rao, Chairman and Managing Director of Neuland Labs. "However, rising materials and labor costs, along with non-cash, unrealized expenses primarily associated with managing our foreign exchange needs generated a small loss for the quarter."
"We are pleased that Neuland increased its revenues in the third quarter of this year
|SOURCE Neuland Laboratories Ltd.|
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