Wockhardt, the sixth largest Indian pharmaceutical major, has suffered another setback during the second quarter ended June 2009 and its net loss reached at Rs 189.87 crore as against a net profit of Rs 105.87 crore in the corresponding period of last year. The Mark to Market losses, exchange rate fluctuation and hefty interest burden put pressure on working. The company has shown a foreign exchange loss of Rs 264.60 crore as against a gain of Rs 18.99 crore.

The company's net sales increased marginally to Rs 954 crore from Rs 910 crore. With huge loss, its earnings per share worked out negative Rs 17.35 as compared to Rs 9.67.

Its UK business continues to lead the way with a growth of 11 per cent compared to the industry growth of only 4 per cent in Q2. Hospital product in UK grew by 29 per cent and exports recorded a 39 per cent growth. Two products in the field of antibiotics and oncology were launched. Its European business improved by 3 per cent. The US business increased by 24 per cent and it contributed 19 per cent to Wokhardt's overall revenues. There were seven ANDAs approvals received till the end of Q2 with 64 products being currently marketed in the US.

For the first half ended June 2009, its consolidated loss went up to Rs 200 crore from a net profit of Rs 157 crore. The net sales increased by 4.9 per cent to Rs 1817 crore from Rs 1732 crore. For the first half, the company incurred a foreign exchange loss of Rs 284.71 crore and its interest reached at Rs 179.09 crore from Rs 161.87 crore.

To overcome the financial problems Wockhardt has sold its animal healthcare business as well as nutritional businesses. It has divested its nutritional business to Abbott, the global health care company, for a total consideration of Rs 630 crore (US$130 million) in cash.