Dr Reddy's figures hit by Venezuela crisis

Indian drugmaker Dr Reddy’s Laboratories (NYSE: RDY) has seen its profits plummet for the most recent quarter by 85.9% compared to the same period a year ago.

The company lost $64.7 million in the fourth quarter ended March 31, 216, because the government of financially struggling Venezuela has not approved to repatriate any amount beyond $4 million dollars owed to Dr Reddy’s.

As well as announcing its results for the last quarter, Dr Reddy’s has revealed its figures for the last financial year, which show a 4% rise in consolidated revenues to $2.34 billion. The $302 million profit made in the year, bringing diluted earnings per share (EPS) of $1.77, is a 10% increase on the financial year which ended in March 2015.