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Wockhardt Q4 profit down 78% on import bans

LiveMint logoLiveMint 26-05-2014 Reuters

Mumbai: Drug maker Wockhardt Ltd on Monday reported a 78% slump in March-quarter profit, as it continues to reel under the US and UK import bans due to manufacturing quality lapses.

The company’s January-March net profit fell to `744.5 million ($12.76 million) compared with `3.35 billion a year earlier. Analysts on average had expected fourth-quarter profit of `747 million, according to Reuters data.

Sales fell 30% to `10.4 billion in the quarter.

In November, the US Food and Drug Administration (FDA) issued an import alert, effectively a ban, against Wockhardt’s Chikalthana plant in western India. FDA had imposed a ban on the company’s Waluj plant in May.

The US is Wockhardt’s largest market.

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