Wockhardt's net up 20 pc at Rs 87 cr

Mumbai, Feb 22 (UNI) Pharmaceutical and biotechnology major Wockhardt today reported a 20 per cent increase in net profit at Rs 87 crore for the fourth quarter ended December 31, 2006.

The company said its consolidated sales, at Rs 526 crore, showed a 44 per cent growth over the corresponding quarter of 2005.

The board of directors at a meeting here recommended a dividend of 100 per cent, subject to shareholders' approval, the company said in a statement.

'' It was a year marked by investments for the future. We acquired Pinewood, a company with leadership in Ireland and significant business in UK and bought heritage brands like Farex and Protinex in India,'' Wockhardt chairman Habil Khorakiwala said. '' We strengthened our US portfolio with 26 new product filings. We believe these investments will accelerate our growth during 2007.'' The company said its investment in research and development (R&D) rose 33 per cent in 2006 and it filed 200 patents during the year.

UNI