GSK brushes off China probe to post solid 2013 profits
LONDON (AFP) - GlaxoSmithKline's net profits jumped by a fifth in 2013 as lower taxes offset flat sales, announced on Wednesday the British drugmaker hit by a bribery probe in China.
Earnings after tax rallied almost 21 per cent to £5.4 billion (S$11.1 billion) last year, compared with £4.5 billion in 2012, GSK said in a results statement.
In the fourth quarter or three months to December, net profit surged to £2.461 billion, from £848 million a year earlier. Annual turnover advanced one per cent to £26.5 billion, reversing two years of declines.
However, revenue from sales of pharmaceuticals and vaccines in China plunged 18 per cent, hit by Beijing's probe into bribery allegedly carried out by senior GSK staff.