Pfizer's FY'08 net dips 12 pc at Rs 299.58 cr

MUMBAI: Pharma major Pfizer on Saturday said its consolidated net profit for the financial year ended November 30, 2008, declined 11.88 per cent to Rs 299.58 crore.

The company had a consolidated net profit of Rs 340 crore in the fiscal ended November 2007, Pfizer said in a filing to the Bombay Stock Exchange.

However, consolidated net income rose to Rs 703.62 crore in the latest fiscal, from Rs 697.96 crore a year-ago.

On a standalone basis, Pfizer posted a net profit of Rs 30.23 crore in the quarter ended November 30, 2008, a 37 per cent growth over the corresponding period last year. It had a net profit of Rs 22.06 crore in the same period a year ago.

Earlier this week, its New York-based parent Pfizer Corp had entered into an agreement for buying out the rival Wyeth for USD 68 billion in a cash-and-stock transaction.

As of December 2008, Pfizer Corp holds 31.42 per cent stake in the domestic pharma major.