India HMR sees Q1 profits slide by 63%

15 July 1999 08:25  [Source: ICIS news]

MUMBAI (CNI)--India's Hoechst Marion Roussel Ltd (HMR) posted a 62.7% annual decline in net profits to Rs54.0m ($1.3m/Euro1.2m) in Q1 of fiscal year 1999, on slower domestic demand and higher costs and expenditures, CNI learned Thursday.

Sales in the financial quarter ending 30 June 1999 were down by 9.4% to Rs1.335bn.

Chairman Vijay Mallya said full year results are expected to improve as the company is close to winning a Russian contract in FY 1999. He added that HMR also plans to improve productivity.

By: Sunita Mohanty
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