GlaxoSmithKline Consumer Nigeria plc announced earnings results for the first quarter ended March 31, 2012. For the quarter, the company's core operating profit was GBP 2,071 million, a 3% increase in CER terms on a turnover increase of 2% reflecting improved operating leverage. Total operating profit was GBP 2,037 million compared with GBP 2,035 million in 2011. The net cash inflow from operating activities for the period was GBP 1,012 million against GBP 987 million a year ago. Turnover was GBP 6,640 million against GBP 6,585 million a year ago. Profit before taxation was GBP 1,879 million against GBP 2,464 million a year ago. Profit attributable to shareholders was GBP 1,325 million or GBP 26.3 pence per diluted share against GBP 1,525 million or GBP 29.6 pence per diluted share a year ago. Purchase of property, plant and equipment was GBP 168 million against GBP 175 million a year ago. Core profit before taxation was GBP 1,913 million against GBP 1,889 million a year ago. Core profit attributable to shareholders was GBP 1,353 million or GBP 27.3 per share against GBP 1,316 million or GBP 25.9 per share a year ago. For the quarter, the company also announced intangible impairments of GBP 52 million against GBP 8 million a year ago. The board has declared a first interim dividend of 17 pence per share against 16 pence per share a year ago. The equivalent interim dividend receivable by ADR holders is 54.9100 cents per ADS based on an exchange rate of GBP 1/$1.6150. The ex-dividend date will be May 9, 2012, with a record date of May 11, 2012 and a payment date of July 5, 2012.

A Federal High Court in Lagos awarded NGN 1.2 billion as damages against GlaxoSmithKline Consumer Nigeria plc, and its parent company, Smithkline Beecham Plc for infringing on the trademark and patent right of Continental Pharmaceutical Limited. The court also placed a perpetual order restraining the companies and their agents from adopting the features of the plaintiff's registered trademark comprising the eclipse logo with blue and white package design for the manufacture and sale of the Panadol and Panadol Extra products. Delivering judgment in the 16-year-old legal battle that witnessed about 50 appearances by counsel to the suit, Justice James Tsoho not only dismissed GSK's counterclaims dated January 22, 2009 but also awarded another NGN 150,000 against the defendants as exemplary cost following the application by the plaintiff's. In the verdict, which lasted for two hours, the judge held that the defendants illegally adopted the plaintiff's trademark to deceive the buying public in an attempt to pass out their Panadal as the plaintiff's product.