Glaxo net rises 5%; Burroughs profits rise 35 per cent

MUMBAI, JULY 29: Glaxo India has registered a 5.09 per cent increase in net profits at Rs 27.83 crore for the first six months ended June 1999 as against Rs 26.48 crore in the corresponding period of the previous year. Burroughs Wellcome India has registered a 35.39 per cent increase in net profits at Rs 12.89 crore for the six month period as against Rs 9.52 crore in the previous year.

Glaxo’s gross sales increased from Rs 396.41 crore to touch Rs 427.24 crore for the six months, while in the case of Burroughs Wellcome India sales fell to Rs 81.55 crore from Rs 90.43 crore in the previous year.

Depreciation and provision for taxation for Glaxo were Rs 6.95 crore and Rs 14.92 crore respectively. Burroughs Wellcome saw lower depreciation at Rs 1.17 crore while provision for taxation was higher at Rs 7.57 crore as against Rs 5.13 crore in the previous year. Exceptional income in Burroughs Wellcome during the six months ended June 30, 1999, stood at Rs 4.22 crore while the previous year’s figures wereimpacted by an exceptional outgo of Rs 1.74 crore.