Friday, October 25, 2013

Wockhardt\'s Q2 profit falls 69%, hit by export curbs

Indian drugmaker Wockhardt Ltd reported a 69% fall in quarterly profit, hit by curbs on shipping medicines to the United States and Britain from one of its plants after their health regulators identified quality deficiencies.

Wockhardt posted a net profit of 1.4 billion rupees ($23 million) for the three months ended Sept 30, compared with 4.5 billion rupees a year ago. Revenues fell 11% to 12 billion rupees, the company said in a statement on Friday.

The average estimate for the company\'s net profit was 2.4 billion rupees.

Wockhardt has previously said the US ban on the Waluj factory in western India, reported in May, could cost the company about $100 million in sales a year.

The United States and Europe accounted for three-quarters of the company\'s revenues in the last fiscal year that ended in March.
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