Drug firm Pfizer today reported a net profit of Rs 328.88 crore for the quarter ended June 30, 2012 on account of gains from the sale of animal health business to a wholly-owned subsidiary.
The company had posted a net profit of Rs 41.24 crore for the corresponding period in previous fiscal, Pfizer Ltd said in a filing to BSE.
Total income of the company, however, declined to Rs 242.63 crore for the quarter under consideration from Rs 260.91 crore for the same period year ago.
The results are not comparable because of the sale of Animal Health Business became effective from April 2 this year, Pfizer said.
The animal health business of the company was transferred to Pfizer Animal Pharma Pvt Ltd (PAPPL) by way of slump sale for a consideration of Rs 424.28 crore,it added.
"The gain of Rs 382.52 crore on the slump sale of the said business has been disclosed as exceptional income during the quarter," Pfizer said.
Shares of Pfizer Ltd today closed at Rs 1,279.90 apiece, up 3.03% from their previous close on BSE.