GlaxoSmithKline reports quarterly loss

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British drugs firm GlaxoSmithKline on Thursday posted a net loss of £690 million (813 million euros, $1.119 billion) for the fourth quarter of 2010 on the back of huge legal charges.

"Corporate and other unallocated costs increased significantly as a result of the higher legal charges in the quarter and the unfavourable comparison with Q4 2009," the company said in a statement.

GSK had enjoyed a net profit of £1.630 billion in the fourth quarter of 2009.

© 2011 AFP

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