Exceptional income of over Rs 130 crore helped Glaxo Pharmaceuticals post a 157 per cent higher net profit at Rs 208.4 crore for the fourth quarter ended December 2008, compared to Rs 80.9 crore for the corresponding previous quarter in 2007. Total income for the fourth quarter was at

Rs 375.5 crore, 5.15 per cent higher than the Rs 357.1 crore for the fourth quarter in 2007. Consolidated net profit was up by 7.94 per cent at Rs 591 crore for the year ended December, 2008, where as the same was at

GSK India posted a total income of Rs 1742.6 crore for the year ended December 31, 2008, 5.31 per cent higher than the Rs 1654.6 crore income for the year ended December 31, 2007.

GSK India accounted for the quarter an exceptional income earned during the year from the profit on sale of investments (the company had divested its fine chemical business last year) of Rs 131 crore and another Rs 15.5 crore related to long term liabalities such as retirement benefits, explained a company executive.

The growth in net sales excluding the fine chem business, was 10.1 per cent and net profit grew by 14.6 per cent for the year ended December 31, 2008 on a comparable basis, he said.

“The year has seen creation of new capabilities for the business through the entry into oncology and the cardiovascular therapeutic areas, besides new vaccine launches,” said Hasit B Joshipura, managing director.

The continued focus on sales of priority products, new product introductions and tight expense control helped improve profits.

This was achieved despite cost escalations of certain imported ingredients and inflationary pressures on utilities and freight costs. Higher income from investments contributed further to the improvement in profits, he explained.

GSK has recommended a special additional dividend of Rs 18 per equity share, considering the cash position of the company. If approved by the shareholders, the special additional dividend will absorb Rs 152 crore. The company had declared a dividend of Rs 22 per equity share for the year.

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