NEW DELHI, Oct 31 (Reuters) - Ranbaxy Laboratories (RANB.BO: Quote, Profile, Research), India's top drug maker by sales, on Friday reported a net loss for the September quarter due to problems in the U.S. market and foreign exchange losses due to a weaker rupee.
Ranbaxy, in which Japan's Daiichi Sankyo (4568.T: Quote, Profile, Research) owns a controlling stake, has been marred by allegations that it sold misbranded or adulterated drugs in the United States. The company has denied the allegations.
The U.S. Food and Drug Administration has cited the company for failing to fix numerous record-keeping and other operational problems, and last month banned roughly 30 Ranbaxy-made generic drugs until the problems were resolved.
"The quarter also had its challenges including unprecedented forex movement and some losses relating to the turn of events on the USFDA front," Chief Executive Malvinder Singh said in a statement.
The rupee fell 8.4 percent against the dollar between July and September, causing foreign exchange losses.
New Delhi-based Ranbaxy said it posted a consolidated net loss of 3.95 billion rupees ($80 million) in its fiscal third quarter ended September, compared with a profit of 2.07 billion rupees reported a year earlier.
Revenue rose 14 percent to 18.88 billion rupees.
Analysts in a Reuters poll had expected net profit of 420 million rupees on sales of 19.82 billion rupees.
Parent Daiichi Sankyo, Japan's No. 3 drug maker, on Friday booked a lower profit in its first half and cut its annual operating outlook by 8 percent. [ID:nT282378].source
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