From correspondents in Tamil Nadu, India, 07:03 PM IST

Cephalosporin bulk drug manufacturer Orchid Chemicals and Pharmaceuticals Ltd has posted a net loss of Rs.316.5 million on a total income of Rs.3.06 billion for the period ended June 30, as against a net profit of Rs.513 million and turnover of Rs.2.36 billion posted during the corresponding period of the previous year.

Orchid Chemicals net was weighed down heavily owing to Rs.588 million exchange loss on the foreign currency convertible bonds (FCCB) issued earlier.

K. Raghavendra Rao, managing director, said: 'We are confident of enhancing our performance positively in the further quarters as we continue to operationally tread on a strong growth path and are well poised to achieve our projected growth earnings on a full year basis.'

(Staff Writer, © IANS)