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GSK Pharma raises dividend

By Our Special Correspondent

MUMBAI MARCH 12. The board of directors of GlaxoSmithKline Pharmaceuticals today declared a dividend of Rs. 7 per equity share for the year 2002 (previous year Rs. 5.50). This year's dividend, when approved by the shareholders at the annual meeting, will absorb Rs. 52.13 crores. The dividend distribution tax borne by the company amounts to Rs. 6.68 crores.

The net profit for the year ended December 31, 2002 increased by 71 per cent to Rs. 98.06 crores from Rs. 43.98 crores in the previous year.

Total sales of Rs. 1,148.22 crores (Rs. 1,097.37 crores in the previous year) grew at 4.6 per cent primarily due to lesser growth experienced by animal health and fine chemicals businesses.

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