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GSK posts net profit at R172 cr in last quarter

The company said it has changed the accounting year from January-December to April-March.

By: ENS Economic Bureau | New Delhi | Published: May 10, 2014 12:35:34 am

GlaxoSmithKline Consumer Healthcare on Friday reported a 10 per cent rise in net profit from a year earlier to Rs 171.71 crore for the January-March quarter driven by greater product reach and supported by cost efficiencies.

The company’s net sales stood at Rs 1,079.09 crore for the January-March quarter, while the same was at Rs 939.86 crore in the previous fiscal, GlaxoSmithKline Consumer Healthcare said in a filing to the BSE.

The company said it has changed the accounting year from January-December to April-March.

“Accordingly, current year’s financial statement of the company are for a period of fifteen months…These figures are therefore not comparable with those of the previous year ended December 31, 2012,” it added.

United Spirits to sell Whyte & Mackay whisky biz

Mumbai: United Spirits Ltd, controlled by Diageo, has agreed to sell its Whyte & Mackay whisky business to a unit of Philippine’s Emperador Inc for an enterprise value of £430 million.

The sale is being done to clear a UK regulatory hurdle related to Diageo’s acquisition of the company formerly controlled by Vijay Mallya. United Spirits board recommended that its indirectly-owned subsidiary United Spirits (Great Britain) Ltd consider the sale of Whyte & Mackay Group to Emperador UK Ltd.

“United Spirits has approved the sale and entered into the sale and purchase agreement with Emperador UK and Emperador Inc,” the company said in a BSE filing.

However, the sale of Whyte & Mackay will be subject to Indian and UK regulatory approvals, including that of the RBI.

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