Business Daily from THE HINDU group of publications
Tuesday, Oct 31, 2006
ePaper
Business Daily from THE HINDU group of publications Tuesday, Oct 31, 2006 ePaper |
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Corporate Results
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Pharmaceuticals
Our Bureau
Mumbai , Oct. 30 The sale of its animal health business, a post-festival backlog and a shortage of vaccines have contributed to the fall in GlaxoSmithKline Pharmaceuticals Ltd's (GSKPL) net profit by 7 per cent, for the quarter ended September 30. GSKPL clocked a net profit of Rs 285.43 crore for the quarter ended September 30, as compared to Rs 309.33 crore for the same quarter in the previous year. Total income was also marginally down at Rs 424.51 crore (Rs 438.41 crore).
Sale approved
The company's board of directors also approved the sale of its animal health business as a going concern to Virbac Animal Health India Pvt Ltd for a total consideration of Rs 207 crore, GSK Pharma told the Bombay Stock Exchange on Monday. The sale is effective from July 31, 2006. The sale of GSK's animal health business became effective from August 1, so its performance is reflected only in the first seven months of total sales. But for the quarter under review, sales from the animal health business is reflected only in the first month (July), a GSK Pharma spokesperson told Business Line.
Other reasons
The other reason for a decline in profit and dip in sales is that orders worth Rs 20 crore from the eastern region could not be executed due to the festival season. Also, there were shortages in the availability of biological products, such as vaccines, imported into the country. These product shortages have been addressed, but they impacted the company's performance, the official said. GSK Pharma closed 2.14 per cent down on the BSE at Rs 1,133.10.
More Stories on : Pharmaceuticals | Glaxosmithkline Pharmaceuticals Ltd
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