Profits Fall 7%At Parke-Davis in India
Parke-Davis & Co, the Indian affiliate of US-based Parke-Davis (itself asubsidiary of Warner-Lambert), has posted a 7% fall in pretax profits for the first half ended May 31, 1997 to 109 million rupees ($3.1 million) compared with the like, year-earlier period. Net sales grew by 3.4% to 398 million rupees over the same period.
Chairman M Raziuddin Ansari said that the fall was due principally to adverse economic conditions in India and the general election in February, which affected operating efficiency. Although pricing of pharmaceutical products remains an issue, Mr Ansari added that the new government had introduced a number of reforms "whose benefits will be felt in the future."
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