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Indian Hotels net profit dips 14 pc to Rs 1.19 billion; 85 pc pay-out announced

Indian Hotels, which owns the Taj group of hotels, today announced a 13.8 per cent drop in net profit during the 1998-99 fiscal to touch Rs 1.19 billion as against Rs 1.38 billion a year ago.

The board of directors of the company has recommended an 85 per cent dividend for the year.

The company's sales during the year stood at Rs 5.89 billion, down 1.17 per cent from Rs 5.96 billion the previous year.

Its other non-operating income for the year was Rs 340.4 million from Rs 282.6 million while total expenditure stood at Rs 4.12 billion. Net foreign exchange reserve for the year was Rs 300 million.

UNI

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