Mumbai: Higher income from investments helped GlaxoSmithKline Pharmaceuticals Ltd, or GSK Ltd, post a net profit of Rs208.47 crore in the three months to December, compared with Rs80.90 crore a year earlier, the drug maker said.
GSK Ltd, the Indian subsidiary of the world’s second largest drug maker GlaxoSmithKline Plc., showed income of around Rs30 crore in the quarter as interest earned, mostly from bank deposits and government securities. It posted 8.55% growth in net sales at Rs368.45 crore in the period against Rs339.27 crore in the year-ago quarter.
Going strong: GlaxoSmithKline Plc. headquarters in the UK. Simon Dawson / Bloomberg
“The quarter earnings of GSK (Ltd) are almost along expected line as its sales were impacted during the period compared to the industry average,” an analyst at a Mumbai-based foreign brokerage said on condition of anonymity.
During its fiscal year, GSK Ltd launched patented cancer drug Tykerb and cardiac drug Olmesarten through a licensing deal with Japan’s Daiichi Sankyo Co. Ltd, and anti-fungal drug Micafungin. The firm follows a January to December accounting year.
It posted 5.28% growth in net sales at Rs1,660.41 crore for the full year and about 7.26% growth in net profit at Rs576.57, compared to fiscal 2007. In 2008, the firm also sold its fine chemicals business.
GSK Ltd shares closed 0.51% up on the Bombay Stock Exchange at Rs1,196.70 on Wednesday. The healthcare index of the stock exchange rose 0.37% and its benchmark Sensex index fell 0.22%.