Matrix Q1 net dips 20% to Rs 27cr

Hyderabad-based Matrix Laboratories posted a 20.4% decline in net profit at Rs 26.9 crore in the first quarter of the current financial year when compared with a profit of Rs 33.8 crore during the corresponding quarter in the previous year.

The company's consolidated net sales of Rs 447 crore for the quarter ended June 2007, however, represented a 1% growth over Rs 442.2 crore in the same quarter last year.

The company said net income was lower due to higher interest, depreciation and taxes.