MUMBAI, OCT 25: Glaxo India Ltd has said its net profit for the third quarter of 1999 was lower than the profit for the same quarter of last year due to imposition of customs duties and because of competitive pressures. The company has recorded a lower net profit for the third quarter ended September at Rs 15.98 crore (Rs 21.51 crore last year) despite a 15.3 per cent increase in sales to Rs 267.78 crore (Rs 232.22 crore).Glaxo is the third major pharma company to report lower profits this year. Smithkline Pharma and Dr Reddy's had earlier announced a fall in net profit.
For the nine-month period, Glaxo's net profit was lower at Rs 43.81 crore (Rs 47.99 crore) while sales were higher at Rs 695.02 crore (Rs 628.63 crore) during this period, the company said while releasing the unaudited results after the board meeting.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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