GSK Consumer net up 58% to Rs 53 cr

FMCG firm GlaxoSmithKline Consumer Healthcare (GSKCH) today posted a 58.4% jump in its net profit to Rs 53.37 crore in the quarter ended December 31, 2010 over the same period last fiscal.

The company had a net profit of Rs 33.68 crore in the corresponding quarter last year, GSKCH said in a statement.

During the quarter under review, the company's net sales stood at Rs 507.76 crore, an increase of 21.43% over the corresponding period last year.

The company's board has also recommended a dividend of Rs 50 per share of Rs 10 each for the year ended December 31, 2010.

During the year ended December 31, 2010, the company posted a 28.8% increase in its net profit to Rs 299.85 crore from Rs 232.78 crore in the year ago period.

The firm's net sales stood at Rs 2,306.12 crore during the year while it recorded Rs 1,921.5 crore in 2009.

The company attributed the robust growth to new product launches and revamping of its flagship 'Horlicks' brand during the year.

The year saw the introduction of new brands into India from GSK's global portfolio as well as transformation of the entire product line for Horlicks -- GSKCH's flagship brand -- it said.

"Realising the ever changing consumer needs, we launched a slew of new products that reiterates GSKCH's commitment and focus on growth through customer-driven innovations," GSKCH Managing Director Zubair Ahmed said.

"We will continue the growth impetus of our consumer healthcare business and maintain our investments to build on our brands while we constantly innovate to meet the ever changing needs of our consumers," he added.