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Wockhardt losses grow 215% in ’09

Wockhardt losses grow 215% in ’09
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First Published: Mon, Jan 25 2010. 11 29 PM IST
Updated: Mon, Jan 25 2010. 11 29 PM IST
Mumbai: Drug maker Wockhardt Ltd on Monday posted a loss of Rs435.54 crore for the fiscal year ended 31 December on sales of Rs3,629.44 crore. This is the second consecutive loss for the firm, and a 215% increase over fiscal 2008, after it incurred substantial foreign exchange and derivatives losses in the past two years. Wockhardt counts its accounting year from January.
However, for the quarter ended December, it cut its losses to Rs181.23 crore from Rs357.84 crore in the same period of the previous fiscal, largely on account of lower interest and tax charges. The reduction in interest and tax is because of a debt restructuring plan that its key lenders approved early last year. The losses were mainly due to exceptional items such as interest, exchange rate fluctuation and mark-to-market losses.
Wockhardt shares lost 0.29% to close at Rs173.10 on the Bombay Stock Exchange on Monday. The bellwether Sensex fell 0.47% to 16,780.46 points. The company announced results after the markets closed.
Sector analysts had struck the firm from their list of analyses due to the continuous losses, which meant no brokerages made any predictions of earnings for the quarter.
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First Published: Mon, Jan 25 2010. 11 29 PM IST