Wockhardt Third-quarter Profit Falls 29 percent
February 10, 2014 7:15 PM EST
Wockhardt Ltd (WCKH.NS) reported a 29 percent drop in quarterly net profit, hit by a fall in sales after the U.S. health regulator banned two of the drugmaker's plants from exporting products to the United States - its largest market.
U.S. Food and Drug Administration, Washington
In November, the U.S. Food and Drug Administration issued an import alert, effectively a ban, against Wockhardt's Chikalthana plant in western India. The FDA had imposed a ban on the company's Waluj plant in May.
Wockhardt's net profit in the third quarter fell to 3.04 billion rupees from 4.28 billion rupees a year earlier, the company said in a statement late on Sunday. Total sales dropped 14 percent to 12.37 billion rupees.
The company's U.S. business, which accounts for 44 percent of revenue, fell 30 percent in the quarter.