BackPfizer posts ₹12 crore loss in September quarter
Company says loss was mainly due to expenses on account of a voluntary retirement scheme at one of its plants
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Mumbai: Pfizer Ltd, the Indian unit of the world’s largest drug maker Pfizer Inc., posted a net loss of 12 crore in the September quarter as against a profit of 46 crore a year ago.
The loss, according to the company, was mainly due to some one-time expenses on account of a voluntary retirement scheme for employees at one of its manufacturing plants and other related costs. Its revenue at 269 for the quarter has, however, showed a marginal growth as compared to 267 crore of the year-ago quarter.
“The financial results are not strictly comparable as last year, periods included the transition support for sales of certain animal health products. Excluding these transactions, the revenue for the quarter reflected a growth of 7%," Pfizer said on Thursday.
The profits were also lower due to higher expenses incurred on account of advertisement expenses and other one-time expenses aggregating to 21 crore, the company added.
The company had announced a voluntary retirement scheme (VRS) during the quarter at its factory at Thane in Maharashtra. Expenses in relation to VRS and other related costs were about 76 crore.
Pfizer (India) also said on Thursday that the Bombay high court had last week approved the merger of Wyeth Ltd, the India unit of US drug maker Wyeth Inc., which was acquired by Pfizer in 2008, into the company.
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