Muller and Phipps incurred loss of Rs.39.7 million in 2002

Mller and Phipps (Ceylon)Limited have reduced its business operations whereby the group turnover has also decreased.

However, the company’s losses increased to Rs. 39.7 million compared to a loss of Rs. 21.2 million in the previous year mainly on account of the company’s investments in its subsidiary being written off.

The group incurred a loss of Rs. 23.1 million compared to Rs. 30.6 million in the previous year, chairman S.D.R. Arudpragasam said.

The Company as stated in previous reports, continues to focus all its efforts on the pharmaceutical business of its subsidiary Pettah Pharmacy Limited and the Directors are confident the turnover and profitability of Pettah Pharmacy Limited would increase in the financial year of 2003/2004 as by then the new agencies should have their registration in place to market a new range of products, he added.

Whilst we have to some extent attended to the debt position of Muller & Phipps (Ceylon) Limited and Pettah Pharmacy-Limited, the Company still depends on the continuous support and assistance of the financial institutions and its parent Company, he added.