The Hindu Business Line : Pfizer Q1 net profit up 14%

Mumbai March 22 Pfizer Ltd has posted a 14 per cent net profit of Rs 28.27 crore for the first quarter ended February 28, on the back of improved margins. This stands compared to net profits of Rs 24.77 crore for the corresponding quarter ended February 28, 2006.

Total income (net of excise and sales tax) has increased to Rs 166.97 crore (Rs 158 crore),the company told the Bombay Stock Exchange.

Recently, the company completed the sale of its Chandigarh property for Rs 278 crore. But this would be reflected in its second quarter performance ending May 31. Pfizer now has a single manufacturing capacity in India, having sold its plants in Hyderabad and Ankleshwar too last year.

In June last year, Pfizer sold its global Consumer Healthcare Business to Johnson & Johnson. "Consequently, the global closure was fixed on December 20, 2006 except for a few markets such as India where divesture of the aforesaid Consumer Healthcare Business is delayed.

"The Board of Directors of Pfizer Ltd in India are evaluating the various options available for smooth restructuring of the said business," the company said.

As part of this exit, brands with a high consumer recall such as the mouthwash Listerine, cough-syrup Benadryl and tobacco cessation product Nicorette, among others would move out of the Pfizer-fold.

Pfizer shares were marginally down at Rs 725 on the BSE.