Wockhardt, a pharmaceutical and biotechnology major, has managed to reduced its consolidated net loss to Rs 181 crore during the fourth quarter ended December 2009 as against Rs 358 crore in the corresponding period of last year mainly due to reduction in mark-to-market loss of Rs 239 crore as compared to Rs 555 crore in same period of preceding year. Further it has not provided any amount for taxation as compared to Rs 149.30 crore in the last period. The company's income from operations declined by 9 per cent to Rs 889.3 crore from Rs 977.6 crore.

Meanwhile, Wockhardt has extended its accounting period from December to March. The next accounting period will therefore be of fifteen months ending March 31, 2010.

The company's Indian branded business, as per ORG_IMS report, increased by 23 per cent in the fourth quarter of 2009. there were 2 new products launched for pain management and azithromycin antibiotic. Overall 10 brands featured in the list of 'Top 300' brands of the industry with 2 brands in he 'Top 100'. Wockhardt UK grew by 21 per cent during the fourth quarter of 2009. Growth drivers being hospital products that grew by 16 per cent and exports by 38 per cent. Pinewood Healthcare in Ireland maintains steady sales showing a growth of more than 8 per cent in exports. Negma Laboratories' cardio-vascular brand, Nebilox grew by 25 per cent and it has also entered into a sales and marketing collaboration with Novartis on two products – Voltarene and Eucreas.

Wockhardt USA received 5 ANDA approvals in the fourth quarter of 2009, of which one ANDA approval was for an injectible. Wockhardt's US FDA approved Nicardipine injection was a first day launch. Its US paediatric business is growing consistently and gaining a good market share amongst the targeted physicians. It currently markets 74 products in the US.

For the full year ended December 2009, Wockhardt's consolidated income increased marginally by 1.1 per cent to Rs 3629 crore from Rs 3590 crore in the previous year. Its net loss went up to Rs 435.5 crore from s 138.90 crore. The company reduced its staff cost by almost 7 per cent to Rs 565 crore from Rs 607 crore. Its R&D expenditure went up by 7.6 per cent to Rs 55.2 crore from Rs 51.3 crore. The gross profit before interest, depreciation, taxation, other income and exceptional items declined by 15.3 per cent to rs 665.1 crore from Rs 785.4 crore.

Wockhardt's interest cost moved up by 5 per cent to Rs 272 crore during the year ended December 2009 from Rs 259 crore. The company provided Rs 26.8 crore for premium on FCCBs as compared to Rs 129.5 crore in the last year. Further, it provided Rs 9.9 crore for exchange rate fluctuation as against a gain of Rs 10.5 crore in the previous year. Total provision for exceptional items amounted to Rs 661.6 crore as compared to Rs 581 crore. Thus, due to these provisions, its loss before taxation increased to Rs 402.4 crore from Rs 251.crore in the previous year. The company provided Rs 41 crore for taxation as compared to Rs 91.60 crore, including deferred taxation. The basic earnings per share for the year 2009 worked out to negative Rs 39.79 as against negative Rs 12.69 in the last year.

The company has restructured its outstanding liabilities under the aegis of Corporate Debt Restructuring (CDR) scheme. As required under the Scheme, the Master Restructuring Agreement (MRA) and other necessary documents have been executed and signed by majority of the lenders. The CDR scheme comprehensively covers the FCCB liability and crystallised derivative/hedging liabilities.