GlaxoSmithKline Nigeria Says First-Quarter Profit Increases on Expansion

GlaxoSmithKline Nigeria Plc, a healthcare products maker, said profit for the first quarter through March increased 14 percent to 676.12 million naira from a year earlier, according to a statement published in Punch newspaper today.

Revenue rose to 4.17 billion naira from 3.87 billion naira a year earlier, it said.

“The company continues to benefit from its investments in brands and infrastructure,” according to the statement. “However, cost pressures and the credit crunch remain challenges which the company hopes to overcome to ensure satisfactory performance for the full year.”

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

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