Pfizer Ltd today reported an 85.51 per cent decline in the standalone net profit at Rs 47.63 crore for the first quarter ended June 30, largely on account of income from exceptional item in the same period last year.
The company had spun off its animal health business on April 2, 2012, to Pfizer Animal Pharma Pvt Ltd (PAPPL) for Rs 382.52 crore.
“The gain arising on the slump sale of the said business was disclosed as exceptional items during the sales quarter ended June 30, 2012,” the company said in a statement.
The company reported a net profit of Rs 328.88 crore in the corresponding quarter last year.
Pfizer’s net sales went up by 8.04 per cent to Rs 237.53 crore in the quarter under review as against Rs 219.84 crore in the same quarter a year ago, the company said in a BSE filing.
Pfizer’s overall expenses were at Rs 223.46 crore in the quarter, an increase 4.25 per cent compared with Rs 214.35 crore in the same period last year.