LONDON (AP) — GlaxoSmithKline has reported a profit of 1.1
billion pounds ($1.8 billion) for the second quarter as a big cut in
administrative costs drove a rebound from a loss a year earlier.

Sales and administration costs were slashed from 4.2 billion
pounds last year, when GSK reported a loss of 304 million pounds, to 2.3
billion pounds in the three months ending June 30. The pharmaceutical company
reported Tuesday that it achieved the result despite a 4 percent drop in
revenue to 6.7 billion pounds.

The company’s shares were little changed at 1,364 pence
($22.37) on the London Stock Exchange following the report.