GlaxoSmithKline Pharmaceuticals Ltd, a leading multinational pharma company, has registered a consolidated net profit growth of 8 per cent during the year ended December 2008. Its consolidated net profit reached at Rs 591.09 crore as against Rs 547.55 crore in the previous year. The company's consolidated net sales improved by 5.3 per cent to Rs 1693 crore from Rs 1608 crore. The figures are not strictly comparable due to the sale of the fine chemicals business on September 30, 2008.
Its earning per share worked out to Rs 52.9 as compared to Rs 46.8 per cent in the last year. The company stepped up its equity dividend to 400 per cent from 360 per cent. As against the equity capital of Rs 84.70 crore, its reserves and surplus stood at Rs 1491 crore as compared to Rs 1296 crore in the previous year.
The operating profit before other income, interest and taxation improved by 9 per cent to Rs 597.82 crore from Rs 548.25 crore in the previous year. The interest cost went up sharply by 56.5 per cent to Rs 72.73 crore from Rs 46.46 crore. The company provided Rs 128.21 crore for exceptional items as against Rs 140.87 crore in the 2007, which include profit on sales, redemption of investments and actuarial provision on employee benefits.
The company's standalone net sales improved by 5.3 per cent to Rs 1660 crore from Rs 1577 crore. The growth is impacted due to sale of the fine chemicals business and on account of lower selling prices as a result of the benefit of excise duty reduction being passed on to the consumer. Its standalone net profit reached at Rs 576.57 crore from Rs 537.66 crore, a growth of 7.2 per cent.