Business Daily from THE HINDU group of publications
Wednesday, Oct 22, 2008
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Business Daily from THE HINDU group of publications Wednesday, Oct 22, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate Results
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Pharmaceuticals Corporate - Restructuring Wockhardt Q3 net dips 43%
Our Bureau Mumbai, Oct. 21 A translational loss on account of external borrowings dented drug-maker Wockhardt’s bottomline by about 43 per cent for the third quarter ended September 30, 2008. The Mumbai-based company reported a translational loss of Rs 55 crore in the quarter, because of external borrowings that the company has, a spokesperson of the company said. The forex loss is not a physical loss, but is reflected in the bottomline, he added. A statement issued by the company quoted Chairman, Mr Habil Khorakiwala, as saying, that the company’s businesses in the US and Europe had shown tremendous growth. International operations contribute to three-quarters of Wockhardt’s overall business. Wockhardt’s US subsidiary (Wockhardt USA Inc) grew 123 per cent and the overall US operations, including Morton Grove Pharmaceuticals (acquired last year), grew by 222 per cent in the quarter under review, the company said. This market accounts for 20 per cent of consolidated sales, a note from the company said. Wockhardt’s European business grew by 11 per cent in the said quarter and is Wockhardt’s single largest market accounting for 52 per cent of consolidated sales. The company’s India business grew by 11 per cent in the period, the note added. The company has also indicated that it has put on the back-burner, plans to demerge its research division. Volatility in the stock market has forced the company to shelve its plans to demerge its research division, the spokesperson confirmed, adding that the plan has not, however, been completely scrapped. Wockhardt shares were marginally up at Rs 145.95, on the BSE. Wockhardt consolidated net slips on high interest costs More Stories on : Pharmaceuticals | Restructuring
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