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Indian drugmaker Cipla narrows loss in Jan-March, misses forecasts
May 25, 2017 / 11:13 AM / 6 months ago

Indian drugmaker Cipla narrows loss in Jan-March, misses forecasts

MUMBAI, May 25 (Reuters) - Cipla Ltd, India’s fifth-largest drugmaker by sales, reported a smaller quarterly loss for January-March, but missed expectations of a profit for the period.

Net loss for the firm’s fourth quarter narrowed to 617.9 million rupees ($9.56 million) from a loss of 928.3 million rupees a year earlier.

Analysts on average had expected the firm would report a profit of 3.45 billion rupees.

The quarter includes a one-off non-cash impairment charge of 21.42 billion rupees related to litigation expenses, and the company also took a provision of 560 million rupees related to its unit Cipla Biotech in the quarter, it said in a statement. ($1 = 64.6125 Indian rupees) (Reporting by Zeba Siddiqui in Mumbai; Editing by Edmund Blair)

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