 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.
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