Wanbury, a Rs.350 crore pharma major, has suffered heavy setback during the third quarter ended December 2010 and it posted a net loss of Rs.12.23 crore as against a net profit of Rs.3 crore in the corresponding period of last year. Its net sales also declined sharply to Rs.64.22 crore from Rs.88.47 crore, a de-growth of 27.4 per cent.



The balance liability on account of outstanding euro denominated FCCB issued by the company has restated at an existing rate of Rs.59.81 and amounts to Rs.56.70 crore. The FCCB issue term's stipulate conversion of the Bonds at the pre determined exchange rate of Rs.57.22 at which rate the liability amounts to Rs.54.24 crore. Wanbury has equity investment of Rs.39.08 crore in two wholly owned subsidiaries and other company and amount recoverable of Rs.142.94 crore from them and step down subsidiary. The company has not made any provision for these investments.



Wanbury's application for a restructuring of its debts has been admitted by the Corporate Debt Restructuring (CDR) cell w.e.f. 6th December, 2010. The restructuring scheme is now under preparation.



For the nine months period ended December 2010, the company's net sales declined by 6.9 per cent to Rs.240.65 crore from Rs.258.58 core in the similar period of last year. It incurred a net loss of Rs.8.47 crore as against the net profit of Rs.15.43 core.