Pharma major Wockhardt Ltd's consolidated net profit increased 35.6 per cent to Rs 142.5 crore (Rs 1.42 billion) for financial year ended December 2003 while the board recommended one bonus share for every two existing shares of the company.
The company board recommended on Thursday a higher dividend of 75 per cent for the reporting period (65 per cent in 2002), Wockhardt chairman Habil Khorakiwala told reporters in Mumbai.
The consolidated income from operations for 2003 rose 21.1 per cent to Rs 979.6 crore (Rs 809.1 crore), he said.
The company board also approved a proposal to sub divide the equity share of Rs 10 each into two shares of Rs 5 each, he said.
"The bonus and share split will boost liquidity and marketability of shares and empower our shareholders," Khorakiwala added.
For the fourth quarter ended December, net profit and income from operations rose to Rs 50.3 crore (Rs 12.6 crore) and Rs 296.9 crore (Rs 194.1 crore), respectively.
Wockhardt's international business at 57 per cent of total sales surged ahead of the domestic business in 2003, he said, adding the US and European Union contributed as much as 85 per cent to the former.
The company had acquired UK-based CP Pharmaceuticals in July and its performance form a part of Wockhardt's results.
"We intend to bring CP Pharma and Wallis (a subsidiary in UK) under one roof through formation of Wockhardt UK Ltd in about three months while continuing with both brands," he said.
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