SYDNEY, Feb 11 (Reuters) - Shares in Australia’s Cochlear Ltd dropped more than 11 percent on Tuesday after it reported a 53 percent plunge in its first-half profit.
Cochlear, the world’s biggest maker of hearing implants, said its net profit after tax for the six months ending in December, excluding patent dispute provision, fell to A$36.8 million ($33 million) from A$77.7 million a year ago.
That was over 30 percent lower than market consensus of around A$51 million.
The company’s shares dropped as much as 11.7 percent to their lowest since November 2011, and last traded down 10.1 percent at A$52.95 at 2306 GMT. The stock has lost 17 percent over the past year, against a 5.3 percent gain in the broader market.
Reporting by Maggie Lu Yueyang; Editing by John Mair