Monsanto biotech business lost $19 Million in Q1

Owner of an office and greenhouse in Research Triangle Park, Monsanto Co., has posted a loss in its first quarter sales. Reports released by the company have confirmed that the biotech firm lost a whopping $19 Million in three months up-to November 30, as compared to the profit of $556 Million which was posted for the same period last year.

Sales of $1.7 Billion were reported by the company, which is a fall of 35% from the figure of $2.6 Billion posted during the previous year. Analysts had expected sales of about $2 Billion.

Sales of the firms Roundup and other herbicides slipped by 63%, on the back of tough competition posed by generic rivals.

"Our first quarter is a small but important quarter as it sets the foundation for the year ahead, which we see as a critical year in propelling us to reach our 2011 and 2012 commitments. Weve delivered on our targets for the quarter and this year we are confident that we will achieve the milestones necessary to reach our financial commitment to our shareowners", said Chairman, President and CEO Hugh Grant.

The company, despite having posted a loss for the time being, is confident about the future, and has confirmed that the 11 projects under its research and development wing are successfully progressing, which are more than the 9 projects that the company was expecting to put into pipeline in November.