GlaxoSmithKline Pharmaceuticals (GSK), a leading MNC and fifth largest pharma company in India, suffered setback during the second quarter ended June 2006 due to lower sales of pharma products. The company's net profit declined by 12 per cent to Rs 91.06 crore from Rs 103.46 crore in the corresponding period of last year. Net sales declined by 12.4 per cent to Rs 407.34 crore from Rs 464.98 crore. The earning per share worked out to Rs 10.8 as against Rs 12.7 in the preceding

The company's net sales for the first half ended June 2006 moved up by 12.5 per cent to Rs 833.60 crore from Rs 741.22 crore in the similar period of last year. Its other income went up sharply by 55.8 per cent to Rs 25.61 crore from Rs 16.44 crore and income from interest increased by 40.8 per cent to Rs 14.93 crore from Rs 10.60 crore. These items pushed its net profit by 27.9 per cent to Rs 192.29 crore in the first half from Rs 150.37 crore in the corresponding period of last year. The EPS for the first half improved to Rs 23 from Rs 18.4.

The company sold its Animal Health business as a going concern to Virbac Animal Health India Pvt Ltd for a total consideration of Rs 207 crore. The sale is in the process of being completed.