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GlaxoSmithKline Pharma Q4 Stand-Alone Profit Dips 16%

GlaxoSmithKline Pharmaceuticals Ltd., a leading pharma and Indian arm of the UK-based drug maker GlaxoSmithKline Plc., reported a drop in its stand-alone net profit for the fourth-quarter, on higher expenses and lower sales. The company has declared dividend for the fiscal year.

Stand-alone Results

The Mumbai-based company reported a fourth-quarter stand-alone net profit of Rs.116.88 crore, lower by 16 percent than Rs.138.51 crore reported in the corresponding quarter last year.

Quarterly net sales stood at Rs.630.63 crore, compared with Rs.659.69 crore for the same period last year, a decline of four percent, while other operating income totaled Rs.6.62 crore, compared with Rs.5.50 crore in Q4FY12.

Other income for the quarter amounted to Rs.47.79 crore, compared with Rs.42.15 crore in the preceding year quarter.

For the full year, the company's stand-alone net profit decreased by 13 percent to Rs.501.88 crore from the Rs.577.26 crore in 2012.

Net sales and other operating income for the year stood at Rs.2,546.15 crore, compared with Rs.2,626.43 crore last year, registering a three percent drop, while other income was Rs.200.97 crore, compared with Rs.197.35 crore last year.

Consolidated Results

GSK Pharma reported fiscal year consolidated net profit of Rs.481.67 crore, down by 14 percent from the Rs.561.88 crore a year-ago.

Net sales fell by three percent to Rs.2,538.33 crore from the Rs.2,621.41 crore last year, while other operating income was Rs.24.36 crore, compared with Rs.25.26 crore a year-ago.

Other income for the year totaled Rs.176.95 crore, compared with Rs.178.18 crore last year.

Its board has recommended a dividend of Rs.50 per equity share of Rs.10 each for the fiscal year 2013, to be paid o or after April 19, 2014.

Recently, the parent company GlaxoSmithKline Plc., has announced a voluntary open offer to increase its stake in Indian arm to 75 percent from 50.7 percent at a price of Rs.3,100 apiece.

At the BSE, GlaxoSmithKline Pharma shares are currently trading at Rs.3,017.50, up 0.14 percent from the previous close.

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by RTT Staff Writer

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