Leon's Furniture managed to off set the effects of recession and posted a growth of 7.4 per cent in fourth-quarter profits and higher overall sales.

On Thursday, the company announced income of $23.2 million during the last three months of 2008, an escalation from $21.6 million in the same period last year.

Profits were worth 33 cents per basic share, up from 31 cents a share in the same time frame.

The revenues also showed a growth, up to $269.9 million from $185.9 million, partially on the acquisition of Appliance Canada in January 2008.

Home renovation supply retailer Rona has taken the hit due to the fading consumer interest as a result of recession. It will build less than half of its previously planned stores this year and is skeptical about its financial performance over this year which might be falling well short of its earnings objectives for 2009.

"Given the current financial, economic crisis, we will remain very, very prudent and selective with our development projects, focusing on the projects with the highest return on investment," said Chief Financial Officer Claude Guevin, in a conference with the analysts.

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.

Glaxosmithkline Pharmaceuticals announced its quarterly results for the period ending December 31, 2008. It posted 157 per cent increase in net profit for the third quarter of current financial year.

The company has posted a net profit of Rs 208.4 crore for the fourth quarter, as against Rs 80.9 crore during the corresponding period last fiscal.

During the quarter, the company said that its income from operations rose to Rs 374.8 crore in December quarter, where as the same was at Rs 346.7 crore in the previous year.

Nicosia, Feb 19: Ahli United Bank of Bahrain has announced that its net profit for 2008 amounted to 255.7 million dollars, while its total operating income rose to 665.5 million dollars.

Compared to 2007, the net profit of the bank was 296.3 million dollars, but the lower profits are attributed to a higher level of net loan provisions of 96.8 million dollars to ensure adequate coverage of problematic exposures and maintenance of asset quality in a prudent manner.

New York - Retailing giant Wal-Mart reported Tuesday that its net earnings fell nearly 8 p