Wockhardt net falls 16.9 pc

MUMBAI, JULY 23: Pharma major Wockhardt Ltd's net profit fell by 16.9 per cent to Rs 58.8 crore during the year ended June 30, 1999 from ...

MUMBAI, JULY 23: Pharma major Wockhardt Ltd’s net profit fell by 16.9 per cent to Rs 58.8 crore during the year ended June 30, 1999 from Rs 70.8 crore in the previous year. The dent in the net profit for July 1998-June 1999 period was on account of Rs 15 crore spent on acquisition of Merind Ltd.

Income from operations was up by 20 per cent to Rs 483 crore and operating profit by 25 per cent to Rs 120.4 crore, Wockhardt stated in a release here today.

During the year, Wockhardt’s British subsidiary Wallis Laboratories Ltd turned around by achieving a net profit of over $ 0.79 million. Wockhardt said with the launch of its Ranitidine tablets in the US market, the joint venture for generic pharmaceuticals has started operations.

Story continues below this ad

The company said in the next three years, the US joint venture will launch 12 to 15 products sourced from India, including products based on Wockhardt’s patented novel drug delivery systems as well as off-patent generics.

During the past three months, Wockhardt submitted drugmaster files for two bulk activies to the US FDA and another five are likely to be submitted in the next few months.

Canada, UK and Australia formally recognise a Palestinian state

World3 hr ago

The UK, Canada, and Australia have recognized Palestine as a state, going against the US and Israel's opposition. British PM Starmer aims to revive peace without Hamas and hostage release. Canada and Australia also recognize Palestine, condemning terrorism. Over 145 UN members recognize Palestine, with France likely to join soon.

View all shorts

Live Blog