Drug firm Pfizer today reported a net profit of Rs 63.88 crore for the quarter ended December 31, 2012, mainly on account of a gain on sale of investment.

The company had posted a net profit of Rs 48.28 crore for the corresponding period in the previous fiscal, Pfizer said in a filing to BSE.

Net sales stood at Rs 229.78 crore for the quarter under consideration against Rs 251.88 crore for the year-ago period.

The company transferred on December 7, 2012, its 100 per cent ownership in the wholly-owned subsidiary Pfizer Animal Pharma Pvt Ltd to Pfizer Animal Health India Ltd, a 100 per cent indirect subsidiary of Pfizer Inc, for a consideration of Rs 471.60 crore, Pfizer said.

“The gain on sale of investment of Rs 3,160 lakh is disclosed as exceptional item for the current quarter,” it added.

The sale of the animal health business has been effective from April 2, 2012, therefore the figures of the previous quarter are not comparable, Pfizer said.

In a separate filing to BSE, Pfizer said its board has accepted the resignation from the board of its Executive Director Business Operations Sunil Madhok, who retired with effect from January 31, 2013.

Shares of Pfizer were trading at Rs 1,145.45 per scrip in afternoon trade on the BSE today, up 0.76 per cent from its previous close.

(This article was published on February 8, 2013)
XThese are links to The Hindu Business Line suggested by Outbrain, which may or may not be relevant to the other content on this page. You can read Outbrain's privacy and cookie policy here.