Glaxo Pharmaceuticals reported 157 per cent increase in net profit for the fourth quarter ended December 31, 2008 due to significant increase in its income during the reporting period.

The company posted net profit of Rs 208.4 crore against Rs 80.9 crore in the same period last year, despite recession like situation across the world. Its total income stood at Rs 1742.6 crore, posting increase of 5.31 per cent as compared to total income of Rs 1654.6 crore for the fourth quarter in 2007.

Managing director of GSK India, Hasit B Joshipura, said, "The year has seen creation of new capabilities for the business through the entry into oncology and the cardiovascular therapeutic areas, besides new vaccine launches."

Mr. Joshipura added that it's due to efficient business management by the company, focus on sales of priority products, new product introductions and reduction in costs that helped to achieve exceptional income, despite cost escalations of certain imported ingredients, inflation pressure and increase in freight charges, for the reporting period.

The firm may announce additional dividend of Rs 18 per equity, leading to consumption of Rs 152 crore, after the approval by share holders.