GlaxoSmithKline plc (GSK.L,GSK: Quote) reported a drop in first-quarter profit attributable to shareholders to 1.325 billion pounds from 1.525 billion pounds last year, with earnings per share falling to 26.3 pence from 29.6 pence a year ago.
However, core earnings per share for the recent quarter were 27.3 pence, higher than the prior-year quarter's 25.9 pence, up 7% in CER terms and 5% in sterling terms reflecting the strengthening of Sterling against the Euro and higher exchange losses on settled inter-company transactions, partly offset by the weakness of Sterling against the US Dollar and Japanese Yen.
Group turnover for the quarter went up 2% to 6.64 billion pounds from 6.585 billion pounds in the comparable period. In addition, the board has declared a first interim dividend of 17 pence per share. The company's 2012 outlook for sales growth and gradual expansion of core margin remained unchanged.
by RTT Staff Writer
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