GlaxoSmithKline Pharmaceuticals announces Q3 results, to sell animal health business

GlaxoSmithKline Pharmaceuticals Ltd has announced the following Unaudited results for the quarter ended September 30, 2006:

The Company has posted a net profit of Rs 2854.30 million for the quarter ended September 30, 2006 where as the same at Rs 3093.30 million for the quarter ended September 30, 2005. Total Income is Rs 4245.10 million for the quarter ended September 30, 2006 where as the same was at Rs 4384.10 million for the quarter ended September 30, 2005.

The Board of Directors, at its meeting held on April 28, 2006, approved the proposal for sale of the Animal Health business as a going concern to Virbac Animal Health India Pvt Ltd for a total consideration of Rs 2071.00 million. Shareholders of the Company approved the proposal by postal ballot on June 26, 2006. The sale has been completed effective from the close of business hours of July 31, 2006. Accordingly. figures for the prior period are to that extent not comparable. Animal Health business forms part of the Company 'Other Businesses' segment.

Source : Equity Bulls

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