AB Nuvo posts net loss

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New Delhi, Mumbai, Oct 24: Diversified conglomerate Aditya Birla Nuvo on Friday said its consolidated net loss stood at Rs 104.60 crore for the quarter ended September 30, 2008 as compared to a net profit of Rs 47.78 crore in the corresponding quarter last year. Total income has increased 29% at Rs 3,631 crore as against Rs 2,808.61 crore for the quarter under review. Meanwhile shares of the company dipped 20.06% to close at Rs 471.35 on the BSE on Friday.

While announcing the financial performance of the company, Adesh Gupta, wholetime director and CFO at Aditya Birla Nuvo said, “While the company grew in revenues as per plan, the consolidated result does not truly reflect the results of the investments and efforts made due to the gestating impact of the our newer business initiatives.”

He added that the nature of the life insurance business where new business premium, though profitable in the long run, causes strain in the first year due to the accounting procedure of amortising all expenses in the first year itself.

GlaxoSmithKline PAT dips

GlaxoSmithKline Pharmaceuticals Ltd has posted a net profit of Rs 131.9 crore for the quarter ended September 30, 2008, where as the same was at Rs 249 crore for the quarter ended September 30, 2007.

Total income is Rs 473.9 crore for the quarter ended September 30, 2008 against Rs 428.7 crore. The figures for the current period are not comparable with those of the previous period, in view of the sale of the fine chemicals business on September 30, 2007, company said.

Lupin net up 53%

Lupin has posted a net profit of Rs 115.62 crore for the second quarter ended September 30, a 52.85% growth over the corresponding period a year ago. The company had a net profit of Rs 75.64 crore in the second quarter of FY08.

The total consolidated income rose to Rs 934.31 crore in the quarter under review, from Rs 673.99 crore in the same period last fiscal. For the six months ended on September 30, Lupin witnessed a jump of 73.62% in net profit at Rs 228.14 over the same period last year. The company had a net profit of Rs 131.40 crore in the year-ago period. Total consolidated income increased to Rs 1,814.27 crore during the six-month period, from Rs 1,260.61 crore in the year-ago period.

Asian Paints net rises 12%