• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai, July 29 Drug-maker Wockhardt Ltd saw a 6.3 per cent drop in its consolidated net profit for the three months ended June 30, 2008, due to the interest cost on loans taken to service the company’s overseas acquisitions.

The Mumbai-based company clocked a net profit of Rs 95.9 crore for the period under review, as compared with Rs 102.4 crore in the corresponding period last year. The company’s interest cost was up at Rs 88 crore (Rs 8.5 crore) Its stock price fell over two per cent on the BSE, at Rs 189.60 on Tuesday.

Wockhardt posted a 48.3 per cent increase in its consolidated sales, at Rs 935 crore for the second quarter ended June 30, 2008, as compared to the corresponding quarter of 2007, a note from the company said.

Wockhardt’s board meeting was held on Monday in Paris to give board members an opportunity to meet other European representatives, a source close to the development told Business Line. Wockhardt had acquired five companies in Europe, the last being France’s Negma Laboratories in May last year. Its European business grew by 30 per cent in the quarter under review, continuing to be the company’s single largest market accounting for 50 per cent of consolidated sales, the company said.

The company’s US business grew by 128 per cent in the quarter under review, a note from the company said. Wockhardt USA Inc and Morton Grove Pharmaceuticals, having gained critical mass, are showing phenomenal growth, the note said. The US business contributes 19 per cent to Wockhardt’s revenues. There were five abbreviated new drug application approvals during this period with a total of 61 products being marketed in the US market, the note said.

Wockhardt’s domestic business grew by over 20 per cent, the note said, adding that its biotech portfolio was growing steadily with sales of Wosulin showing promise.

More Stories on : Pharmaceuticals

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Jet Airways Q1 net jumps four-fold to Rs 143 cr

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line