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Bayer to Market Biocon Insulin in China

in the corresponding quarter of the last fiscal (FY 2006).

In a notification to the stock exchanges, the company said its net income did not appreciate year-on-year YoY) basis due to upfront investments in the biotech park that was recently opened in the electronics city on the outskirts of Bangalore.

The company's consolidated revenue, however, increased by 21 percent to Rs.2.1 billion for the quarter under review (Q1) from Rs.1.8 billion posted in the same quarter a year ago.

The earnings before interest, depreciation, taxes and amortisation (EBIDTA) were Rs.550 million, against Rs.520 million in the same period a year ago.

"Our financial performance in the first quarter has generated good profitability despite challenges. This underpins our confidence in pursuing discovery-led research programs. We believe our innovation led business initiatives have the potential to realise exponential growth in the long-term and deliver superior shareholder value in the future," Shaw said in the statement.

(Source: IANS News)
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