GlaxoSmithKline declares second interim dividend of 37%
By Our Corporate Bureau | 21 Dec 2002
New
Delhi: GlaxoSmithKline Consumer Healthcare (GSKCH)
has declared the second interim dividend of 37 per cent
for the year ending 2002-03.
The aggregate of the dividends declared till date for the year 2002-03 amounts to 70 per cent, which is the same as last year.
Says GSKCH managing director Nick Massey: “The continuous focus on cost structure reengineering has substantially improved the company’s operational efficiency and productivity. The working capital utilisation during the second half of 2002 has also substantially improved.”
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 sluggishness in the demand at the market place has also affected the higher utilisation of the newly installed spray drier plant at Sonepat, Haryana. But the management of the company expects the utilisation of the plant to improve next year.