GlaxoSmithKline Swings to Profit In Q2

GlaxoSmithKline reported second-quarter profit attributable to shareholders of £1.11 billion versus a loss of £304 million  last year. Pre-tax profit for the period was £1.59 billion pounds, as against a loss of £97 million a year earlier.

On a per share basis, earnings for the recent quarter were 21.6 pence compared with a 5.9 pence loss in the prior-year period. Earnings per share before major restructuring for the quarter was 25.0 pence versus 2.6 pence in the 2010 second quarter. Excluding legal charges, earnings per share declined 11% in CER terms and 10% in sterling terms.

Turnover for the three months ended June 30 totaled £6.72 billion compared with £7.025 billion in the previous year.

The board declared a second interim dividend of 16 pence per share, making 32 pence for the half-year. The equivalent interim dividend receivable by ADR holders is 52.1088 cents per ADS based on an exchange rate of £1/$1.6284.