Wyeth Ltd., a major MNC, achieved strong growth in net profit during the second quarter ended September 2004 mainly due to significant rise in other income resulted from the sale of its bulk drug manufacturing facility at Ghatkopar. The company sold this facility at Rs 32.59 crore and showed it as other income. Its net profit went up to Rs 40.01 crore from Rs 16.37 crore in the corresponding period of last year. If the amount of sale of its facility is excluded, its net profit worked out to Rs 7.42 crore as against previous period profit of Rs 16.37 crore, representing a fall of nearly 55 per cent.

The company's gross sales for the second quarter of 2004-'05 declined to Rs 79.79 crore from Rs 88 16 crore and its other income went up to Rs 35.09 crore from Rs 1.59 crore. The company has provided Rs 5.08 crore under the Drug (Price Control) Order, 1995 to NPPA, arising from the change in the input mix of local and imported Prednisolone bulk drug consumed for manufacturing its formulations.

For the six months ended September 2004, Wyeth's gross sales declined to Rs 165.32 crore from Rs 179.51 crore in the similar period of last year. Its net profit, excluding amount arise from sale of facility, worked out to Rs 25.82 crore as against Rs 33.99 crore, registering a fall of 24 per cent.

The company is divesting its Forhans business including the factory at Nashik in Maharashtra.