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news.Encorium Group, a clinical research organization, has reported a net loss of $13.7 million, or $0.67 per diluted share for the fourth quarter of 2008, compared to a net loss of $732,163 or $0.04 per diluted share, for the fourth quarter of 2007.
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Net revenue for the fourth quarter of 2008 was $7.06 million, a decrease of 14.5% from $8.32 million for the fourth quarter of 2007. The decrease in net revenues was primarily due to an $800,000 decrease in revenues from the European operations and a $400,000 decrease in revenues from the US.
Net revenue for the 12 months ended December 31, 2008 decreased to $30.24 million as compared to $31.65 million for the 12 months ended December 31, 2007. The decrease in revenue was primarily due to a decrease in the number of contracts and related contract values of active clinical studies being conducted in the US offset by an increase in revenues generated by the European operations, which was due in part to favorable foreign currency fluctuations.
The company reported a net loss of $21.07 million, or $1.02 per diluted share for the 12 months ended December 31, 2008, as compared to a net loss of $2.75 million, or $0.14 per diluted share for the 12 months ended December 31, 2007.