Wockhardt Q1 net loss narrows to Rs 860 mn from Rs 4.1 bn a year ago

Pharmaceutical firm Wockhardt on Saturday reported narrowing of its consolidated net loss to Rs 860 million for the quarter ended June.

The company had registered a loss of Rs 4.1 billion in the same period a year ago.

Consolidated revenue from sales increased by 13.13 per cent to Rs 10 billion during the reported quarter from Rs 8.91 billion in the corresponding period of 2017-18.

"The business performance of the company during the quarter ended June 30, 2018 showed marked improvement with sales growth of 13 per cent as compared with the similar quarter of the previous year driven by growth in US, lndia business and growing emerging markets," the company said in a statement.

India, US and Irish business of the company grew by 30 per cent, 20 per cent and 7 per cent respectively, while there was de-growth of 7 per cent in the UK business.

Research and development expenditure during the quarter was at Rs 610 million (6 per cent of sales) and including capital expenditure, it is at 8.3 per cent of sales.

"Capital expenditure during the quarter was Rs 730 million," the statement said.