Eveready net dips

CALCUTTA, May 25: The board of directors of Eveready, part of the Williamson Magor group, today recommended a dividend of Rs four per equity share 40 per cent for the financial year 1998-99.

The company, which operates ten plants, 24 tea estates, 14 sales branches and 44 depots and serves an extensive distribution network all over India, recorded sales of Rs 795.39 crore in 1998-99 against Rs 759.77 crore in the previous fiscal.

Commenting on the performance, a company spokesman said capital expenditure totalling Rs 150 crore incurred during this year and the previous year for new projects, modernisation of facilities and acquisition of tea estates result in higher charges for depreciation and interest, which affected both profit before and after taxation. However, better economic outlook, completion of new projects and contribution from the newly acquired tea estates was expected to help improve the prospects for the current year, the spokesman said.