Pharmaceutical and biotechnology major Wockhardt Limited has reported a net loss of Rs139 crore for the financial year 2008 (ended 31 December) despite a 35.4 per cent rise in revenue at Rs3,593 crore and a 26.5 per cent rise in operating profit (EBITDA) at Rs808 crore.

Wockhardt's losses were mainly due to a falling rupee while consolidation and rationalisation has also been fully accretive in the results, the company said in a release.

Wockhardt's international business, contributing 73 per cent of the total, grew 40.3 per cent. However, the company suffered mark-to-market losses of Rs581 crore due to steep devaluation of the rupee, the release noted.

The company lost over Rs489 crore due to early termination of certain forex contracts by some of the banks.

''The forex transactions were unilaterally cancelled by the banks and the mark to market losses had arisen on account of counter positions advised by the banks,'' Wockhardt said, adding, ''The company has obtained a legal opinion that these contracts can be disputed, and accordingly no provision for the same has been made.''

''We have had an exceptional year in all ways, both in terms of sales revenues and operating profits. Our acquisitions have started paying-off and have posted double-digit growth in their markets. With 73 per cent of our turnover coming from our international operations, in the normal course of the business, it was prudent to hedge our foreign exchange exposure. But, due to the meltdown in the global markets and the consequent currency volatility, we had to make provisions for MTM losses, which had a marked impact on our bottomline,'' said Wockhardt chairman, Habil Khorakiwala.

''Wockhardt has applied to its lending banks for corporate debt restructuring and the same has been admitted. The passage of this in the coming few months will ensure enough liquidity for operations and mitigate most of our current issues, which in turn will facilitate our planned growth and benefit all our stakeholders,'' he further elaborated.

For the fourth quarter of 2008, sales rose 24.9 per cent to Rs952 crore and operating margin grew 20.6 per cent to Rs196 crore. Net loss stood at Rs358 crore.

Wockhardt's US business, including Morton Grove Pharmaceuticals, grew by 140 per cent. Currently, it markets 65 products in the US and all its manufacturing plants in India are US FDA compliant. Wockhardt was one of the top 5 companies in the world to have received the highest number of 23 Abbreviated New Drug Approvals (ANDAs) by the US FDA for 2008.  the company said quoting reports.

Revenues from Europe grew 30 per cent, with Wockhardt UK with growing generics and hospital business driving growth

Wockhardt has already launched 13 new products in India that are showing tremendous promise for the future, the company said. Its India branded business grew 20 per cent in 2008 as compared to the industry growth of 10 per cent. It also gained two places in the ranking order to the 16th position from 18th in 2007, the release added.