Wockhardt's Q2 profit more than halves, hit by export curbs

Fri Oct 25, 2013 4:11am EDT

Oct 25 (Reuters) - Indian drugmaker Wockhardt Ltd reported a 69 percent fall in quarterly profit, hit by curbs on shipping medicines to the United States and Britain from one of its plants after their health regulators identified quality deficiencies.

Wockhardt posted a net profit of 1.4 billion rupees ($23 million) for the three months ended Sept. 30, compared with 4.5 billion rupees a year ago. Revenues fell 11 percent to 12 billion rupees, the company said in a statement on Friday.

The average estimate for the company's net profit was 2.4 billion rupees, according to a Reuters poll of two brokerages.

Wockhardt has previously said the U.S. ban on the Waluj factory in western India, reported in May, could cost the company about $100 million in sales a year.

The United States and Europe accounted for three-quarters of the company's revenues in the last fiscal year that ended in March.

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