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GSK posts 79% growth in Q4 net to Rs 42 cr
(Ecomonic Times, The (India) (KRT) Via Thomson Dialog NewsEdge) Feb. 14--MUMBAI, India -- Glaxosmithkline Pharmaceuticals (GSK) has registered a 79 percent growth in net profit for the fourth quarter ended December '05 with net sales increasing by 14.5 percent.
The company's board of directors recommended a dividend of Rs 14 per equity share for the year. The board has also recommended a special additional one-time dividend of Rs 14 per equity share.
According to a company statement, GSK has achieved a favourable cash position over the past few years due to improved operating margins, tight working capital management and inflows from the sale of properties and hence was returning a portion of surplus cash to shareholders.
For the year-ended December, the company reported a 50 percent growth in net profit to Rs 502.1 crore on a 3 percent increase in net sales to Rs 1,485 crore.
The growth in profit was primarily due to the sizeable exceptional items. Exceptional items saw an almost threefold increase to Rs 195.8 crore from Rs 67 crore in the previous year on account of the sale of two plots in Mumbai.
"The focus on priority products and their performance has helped us to report robust sales," said S Kalyanasundaram, managing director, GSK.
Net sales of the pharmaceuticals business grew 8.6 percent to Rs 1,257 crore. The pharmaceuticals business constitutes 85 percent of the company's total sales. During the year, the company launched four new products licensed from other companies. The company also entered the diabetes segment through the launch of Windia and Windamet.
The animal health business achieved a growth of 10 percent. GSK's share price lost 0.42 percent on the Bombay Stock Exchange to close at Rs 1380.2 on Monday. GSK, the leading player in the domestic pharmaceutical market, has plans to launch four new products this year.
Two of the new products -- Boosterix and Infanrix -- are paediatric vaccines. One is a cardiovascular drug (carvedilol) that has been licensed from Swiss MNC Roche and the fourth is anti-asthmatic drug that is being co-developed with Zydus Cadila.
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