Wockhardt Q2 loss at Rs 190 cr; business grows

Written by fe Bureau | Mumbai | Updated: Aug 1 2009, 03:30am hrs
Pharma major Wockhardt on Thursday announced a net loss of Rs 190 crore for the second quarter ended June 30, 2009, compared to a net profit of Rs 103.6 crore for the corresponding quarter of 2008, due to exceptional items like interest, exchange rate fluctuation and mark-to market (MTM) losses.

It registered a 4.8% growth in consolidated sales revenues to Rs 954 crore for the quarter under review against Rs 910.3 crore for the corresponding quarter of 2008. Operating profit (EBIDTA) stood at Rs 168 crore. On Thursday, Wockhardt shares were closed at Rs 148.3, up by 1.82%, on the Bombay Stock Exchange.

As per ORG-IMS for the Q2 of 2009, Wockhardt's India business grew by 9%. Wockhardt UK continues to lead the way with a growth of 11% compared to the industry growth of only 4% in Q2-2009.

Hospital products in the UK grew by 29% and exports recorded a 39% growth. Two products in the field of antibiotics and oncology were launched. Pinewood Healthcare in Ireland and Negma Laboratories in France consolidate and maintain their sales. Wockhardt's Europe business grew by 3% in Q2-2009, a statement said.

The US business grew by 24% in Q2-2009 and it currently contributes 19% to Wockhardt's overall revenues. There were 7 ANDA approvals received till the end of Q2-2009 with 64 products currently being marketed in the US.