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Strong Q1 sales not sustainable: GSK Pharma

Our Bureau

Mumbai , April 23

GLAXOSMITHKLINE Pharmaceuticals Ltd said on Friday that the strong sales performance seen by the company in its first quarter this year are "unlikely to be sustainable in the next three quarters".

The company's sales in the said quarter is better than its performance in the corresponding three months in 2003, which had been affected by the then prevailing confusion over the implementation of VAT and a strike.

It has posted a net profit after tax of Rs 50.19 crore for the first quarter ended March 31, 2004 compared with Rs 35.09 crore for the same previous quarter.

Total income (net of excise) has increased Rs 325.91 crore from Rs 268.56 crore.

"The company recorded a sales growth of 20.6 per cent for its domestic pharmaceuticals business, against the backdrop of a reported market growth of 10.3 per cent. The power brands continue to record strong growth, which has helped improve profits during the quarter," the company said.

Burroughs Wellcome (India) Ltd (BWIL) has clocked a total income of Rs 59.44 for the first quarter of 2003-2004, compared with Rs 47.91 crore earlier.

Net profit after tax stood at Rs 13.79 crore (Rs 8 crore).

The merger of BWIL with GSKPL is subject to approval from the Bombay High Court.

The parent company, Britain's GSK Plc, will hold 49.2 per cent equity in the merged entity.

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