February 10, 2014 / 4:01 AM / in 4 years

India's Wockhardt third-quarter profit falls 29 percent

MUMBAI, Feb 10 (Reuters) - India’s Wockhardt Ltd 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.

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 ($48.75 million) 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.

$1 = 62.3600 Indian rupees Reporting by Sumeet Chatterjee; Editing by Supriya Kurane

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