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Wockhardt net up 29 pc at Rs 71.6 cr

MUMBAI: Wockhardt Ltd has registered a 29-per cent rise in net profit at Rs 71.6 crore for the year ended December 31, 2000 as against Rs 55.7 crore in the corresponding period last year.

The board of directors has recommended a final dividend of 30 per cent (Rs 3 per share) for the year ended December 31, 2000. Thus, the total dividend for the year works out to 60 per cent.

Income from operations increased to Rs 558.3 crore (Rs 418.3 crore). Total expenditure was Rs 429.5 crore (Rs 326.6 crore).

Research and development expenditure doubled to Rs 31.6 crore (Rs 15.6 crore). Interest was Rs 13.6 crore (Rs 6.3 crore) and depreciation Rs 9.7 crore (Rs 6 crore).

Provision for taxation increased to Rs 5.4 crore (Rs 2.1 crore).

For the quarter ended December 31, 2000, the company reported a net profit of Rs 21.2 crore as compared to Rs 19.5 crore in the corresponding period last year.

Income from operations increased to Rs 149 crore (Rs 119.5 crore). Total expenditure was Rs 114 crore (Rs 92.8 crore).

According to a release, the company's branded business in the domestic market grew by 17 per cent. Wockhardt's first recombinant biotech research product, Biovac-B vaccine, recorded sales of Rs 17 crore in the first year of launch.

The exports of the company grew by 29 per cent, contributing 22 per cent of the turnover. -- Our Bureau