India's Ranbaxy posts 3rd-qtr 2011 loss

India’s largest drugmaker, Ranbaxy Laboratories (RANB: BO) posted its biggest quarterly loss in two and a half years, recording a loss of 4.65 billion rupees ($93.97 million) for the three months to September 30, 2011 compared to a profit of 3.1 billion rupees in the like year-earlier period. The figure was strongly impacted by currency factors.

According to the median estimate of 26 analysts compiled by Bloomberg, the company, which is majority owned by Japan’s Daiichi Sankyo (TYO: 4568), was expected to achieve a profit of 1.46 billion rupees, and the news saw Ranbaxy’s shares fall 4.4% to 475.1o rupees.

Commenting on the business results for the quarter, Arun Sawhney, chief executive and managing director, said: “Ranbaxy’s focus on long term improvement of its base business and margins has begun to reflect in the company’s performance. This is resulting from an increased focus on strengthening manufacturing processes while re-aligning our products and markets for value creation.”