Mumbai, Jan 27: American multinational Pfizer has registered a net profit of Rs 12.58 crore and net sales of Rs 233.43 crore for the year ended November 30, 1998. The board has recommended a dividend of 40 per cent on the equity shares. The figures of the previous period are for eight months ended November 30, 1997 and are not comparable.Total expenditure for the year ended November 30, 1998 at Rs 240.22 crore includes expenditure incurred as a part of the manufacturing restructuring initiative.
These include voluntary retirement scheme/ex-gratia payments of Rs 6.53 crore, gratuity/leave salary outgo of Rs 3.20 crore and an additional depreciation on account of revaluation of useful life of plant assets of Rs 4.47 crore. Besides, the company has amortised prior year's deferred revenue expenditure (voluntary retirement scheme) of Rs 5.30 crore (previous period Rs 4.57 crore).
Interest and depreciation were Rs 2.11 crore and Rs 9.67 crore respectively, while provision for taxation stood at Rs 6.29 crore.Other income at Rs 37.44 crore includes service income of Rs 30.36 crore as against Rs 23.21 crore in the previous period.
The net sales and profit before tax of the wholly-owned subsidiary, Duchem Laboratories Ltd for the year ended November 30, 1998 was Rs 117.99 crore (previous period Rs 83.92 crore) and Rs 5.60 lakhs (previous period Rs 60.48 lakhs) respectively.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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