Drug firm Pfizer today reported a net profit of Rs 328.88 crore for the quarter ended June 30, 2012 on account of gains from the sale of animal health business to a wholly-owned subsidiary.
The company had posted a net profit of Rs 41.24 crore for the corresponding period in previous fiscal, Pfizer Ltd said in a filing to BSE.
Total income of the company, however, declined to Rs 242.63 crore for the quarter from Rs 260.91 crore for the same period year ago.
The results are not comparable because of the sale of Animal Health Business became effective April 2 this year.
The animal health business of the company was transferred to Pfizer Animal Pharma Pvt Ltd (PAPPL) by way of slump sale for a consideration of Rs 424.28 crore.
“The gain of Rs 382.52 crore on the slump sale of the said business has been disclosed as exceptional income during the quarter,” Pfizer said.
Shares of Pfizer Ltd today closed at Rs 1,279.90, up 3.03 per cent from their previous close on BSE.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.