GlaxoSmithKline reports quarterly loss

LONDON: British drugs firm GlaxoSmithKline on Thursday posted a net loss of £690 mn (813 mn euros, $1.119 bn) for the fourth quarter of 2010 on the back of huge legal charges.

"Corporate and other unallocated costs increased significantly as a result of the higher legal charges in the quarter and the unfavourable comparison with Q4 2009," the company said in a statement.

GSK had enjoyed a net profit of £1.630 bn in the fourth quarter of 2009.