The ongoing merger between GSK Pharmaceuticals Ltd and Burroughs Wellcome Ltd would be completed by September 2004, said GSK Chairman Deepak Parekh. The merger ratio would be announced on March 17 at the company’s board meeting. GSK has appointed Ernst & Young and Deloitte Consulting to work out the ratio, he added. Parekh was speaking at the Annual General Meeting of the GSK shareholders in Mumbai on Wednesday.

GSK achieved a net profit after tax of Rs. 172.22 crore for the company’s financial year ended December 31, 2003 compared to previous year’s Rs. 98.05 crore. Its net sales grew to Rs. 1,191.68 crore for the year ended December 2003 compared to Rs. 1,148.21 crore the previous year. The Directors of the company has recommended a dividend of Rs. 10 per equity share for the year compared to last year’s Rs. 7.

Burroughs Wellcome achieved a net profit of Rs. 16.85 crore (Rs. 5.8 crore loss & Rs. 22.67 crore as balance brought forward) for the company’s financial year ended December 31, 2003 compared to Rs. 39 crore for the previous year. The company achieved a total income of Rs. 222.05 crore for the year ended December 2003 compared to previous year’s Rs. 203 crore.