Ranbaxy swings to loss in 1st qtr on US decline

India's largest drugmaker, Ranbaxy Laboratories, swung to a loss in the first quarter of 2009, reporting a deficit of 7.61 billion rupees ($15.0  million) versus a profit of 1.37 billion rupees in the like, year-ago  period, as sales in the USA, which accounts for almost a third of total  earnings, declined 7% to 4.4 billion rupees.

Worldwide sales dropped 4% to 15.58 billion rupees, despite the fact  that revenues in India - including earnings from Ranbaxy's consumer  health care business - grew 5% to 3.55 billion rupees.

European income amounted to 2.83 billion rupees, down 14%, while sales  in the Asia-Pacific region and the Commonwealth of Independent States  excluding India rose 1% to 1.99 billion rupees. Sales in the rest of the  world fell 1% to 2.04 billion rupees. Company chief executive Malvinder  Singh blamed the poor performance on the difficult global economic  environment, depreciation in several currencies and a downturn in demand  and liquidity.