Fulford (India), an affiliate of Schering-Plough, USA, has received setback during the third quarter ended September 2006 and its net profit declined by 24.2 per cent to Rs 3.63 crore from Rs 4.79 crore in the corresponding period of last year. The net sales, however, improved by 9.1 per cent to Rs 42.88 crore from Rs 39.30 crore. With fall in net profit, its earning per share nose-dived to Rs 11.34 from Rs 14.97 in the last period.

For the nine months period ended September 2006, its net profit hit by 17.9 per cent to Rs 9.85 crore as compared to Rs 12 crore in the similar nine months of the last year. This is despite higher other income of Rs 1.84 crore as against Rs 0.47 crore. The net sales improved only by 5.4 per cent to Rs 114.05 crore from Rs 108.21 crore.

The company is planning to issue seven lakh equity shares to its promoter, Dashtag, UK at a price of not less than Rs 575 per equity share. The post preferential allotment shareholding of Dashtag would be 19.80 lakh shares constituting 50.77 per cent of the paid-up share capital of the company. The company has convened an Extra-Ordinary General Meeting of the members of the company on November 15, 2006 for the purpose of approving this proposal.