Financial Daily from THE HINDU group of publications
Saturday, Dec 21, 2002
Financial Daily from THE HINDU group of publications Saturday, Dec 21, 2002 |
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Corporate
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Announcements GlaxoSmithKline declares 37 pc second interim Our Bureau
NEW DELHI, Dec. 20 SLUGGISH business conditions notwithstanding, GlaxoSmithKline Consumer Healthcare Ltd (GSKCH) today declared the second interim dividend of 37 per cent for the year ending 2002. The aggregate of the dividends declared till date for the year 2002 amounts to 70 per cent, which is the same as last year, the company said in a communiqué here today. According to Mr Nick Massey, Managing Director, GSKCH, the continuous focus on cost structure re-engineering had substantially improved the company's operational efficiency and productivity. The working capital utilisation during second half of 2002 had also substantially improved, he said. The company's current sales reflect the actual consumption or demand at the market place, after having taken steps to reduce trade pipelines during the year. GSKCH has also substantially strengthened its internal control system in order to avoid the risk of any trade pipeline inventory build up in the future, the note said. The sluggishness in the demand at the market place has also affected the higher utilisation of the newly installed Spray Drier Plant at Sonepat. However, the management of the company expected utilisation of the plant to improve next year.
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