Wyeth profit declines 25%; appoints Kewal Handa as MD
Press Trust of India / Mumbai Oct 26, 2009, 16:55 IST
Drug maker Wyeth reported 25 per cent decline in its net profit at Rs 25.19 crore for the second quarter ended September 30, over the corresponding period a year earlier.
Wyeth, a part of US-based pharma major Pfizer, had a net profit of Rs 33.83 crore during July-September quarter a year ago.
However, Wyeth's net sales rose to Rs 112.59 crore in the latest quarter of the current financial year from Rs 105.83 crore of the same quarter last fiscal, Wyeth said in a filing to the Bombay Stock Exchange (BSE).
Meanwhile, in a separate statement to the bourse, Wyeth said Kewal Handa has been appointed as the new Managing Director of the company with effect from October 26.
Handa is replacing R R Iyer, who resigned as MD of the company, it said.
Shares of Wyeth were trading at Rs 740, down 1.97 per cent in the afternoon trade on the BSE.
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