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

Reuters

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

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

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

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

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

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