KNOLL PHARMACEUTICALS-Restructuring Scheme

New Directions PHARMACEUTICAL major Glaxo witnessed a mixed performance during the year ended December 31, 1997. While the company's net sales and value of production improved by 7.1 per cent and 10 per cent, respectively, its bottomline fell by 14 per cent over the previous year. Though the company managed to post a 3.6 per cent rise in its operating profit during 1997, a sleep rise in interest charges (up 17 per cent) and depreciation (up 11 per cent) led to a steep fall in its net profit.