33 p.c. interim from SmithKline Beecham Consumer

The directors of SmithKline Beecham Consumer Healthcare have announced an interim dividend of 33 per cent or Rs. 3.30 per share for the year 2001. Sales were higher by 20.8 per cent at Rs. 460.25 crores in the first six months ended June 30, 2001 against Rs. 381.07 crores. The profit before tax was up 44.9 per cent at Rs. 94.55 crores against Rs. 65.23 crores in the corresponding period in the previous year. The profit after tax has increased by 37.5 per cent to Rs. 68.84 crores.

According to Mr. Simon J. Scarff, Chairman and Managing Director, the company has a tradition of rewarding its shareholders through consistent dividend allocation. The strong bottom-line has been made possible as a result of number of measures introduced to re- engineer the existing cost structure.

Globally the parent company has recently merged with Glaxo Wellcome to form GlaxoSmithKline. However, in India the consumer healthcare business will continue to remain as a separate entity.

Tata Tea

Tata Tea has reported a lower net profit of Rs. 15.23 crores for the three month period ended June 2001 against Rs. 38.64 crores in the corresponding period of the previous year. Income from operations was Rs. 192.34 crores against Rs. 192.46 crores Other income amounted to Rs. 1.79 crores (Rs. 15 lakhs), giving a total income of Rs. 194.13 crores (Rs. 192.61 crores).

The profit before interest, depreciation and tax, was higher at Rs. 30.67 crores against Rs. 24.20 crores. The company provided Rs. 5.19 crores (Rs. 5.90 crores) for interest, Rs. 5.04 crores (Rs. 5.05 crores) for depreciation and Rs. 5.21 crores (Rs. 5 crores) for tax. The continued focus on working capital management enabled reduction in net working capital by 7 per cent and resultant decline in interest charges.

The company's profit after tax from core operations, excluding income from dividends, was Rs. 15.23 crores against Rs. 8.25 crores in the corresponding quarter of the previous year when dividends accounted for Rs. 30.39 crores. This included dividend of Rs. 19.6 crores from the company's investment subsidiary pursuant to divestment of major investments. Further, dividends on the company's long term investments were received during the first quarter in the preceding year while in the current year, these will accrue during the second quarter.

Glaxo India

Glaxo India has achieved a higher net profit of Rs. 42.53 crores for the quarter ended June 2001 against Rs. 29.52 crores in the corresponding period of the previous year. Net sales were lower at Rs. 198.31 crores against Rs. 286.78 crores. Other income amounted to Rs. 8.31 crores (Rs. 8.07 crores). The profit on sale of property was Rs. 39.35 crores (nil) and profit on sale of brands was nil against Rs. 10.50 crores, giving a total income of Rs. 245.97 crores against Rs. 305.35 crores.

The operating profit was higher at Rs. 60.97 crores against Rs. 49.81 crores.

For the six month period ended June 2001, the net profit was higher at Rs. 52.70 crores against Rs. 43.62 crores. Net sales were lower at Rs. 392.67 crores against Rs. 470.02 crores, largely due to a perceptible slowing down of the pharmaceuticals market and planned de-stocking of trade inventories..

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