Indian Hotels profits fall

MUMBAI: The Indian Hotels Company has posted a net profit of Rs 137.96 crore for the year ended March 1998 which is marginally lower than Rs 146.88 crore reported in the previous year. Dividend has been maintained at Rs 8.50 per share. Sales and other operating income increased to Rs 595.11 crore from Rs 576.823 crore while other non-operating income was lower at Rs 28.80 crore compared to the previous year’s Rs 36.51 crore. A release issued by the company states that other non-operating income last year includes Rs 16.47 crore arising out of the difference in exchange earned by the company on remittance of $35 million by its US subsidiary. While gross profit fell to Rs 221.57 crore from Rs 253.21 crore, interest almost halved to Rs 25.19 crore from Rs 45.55 crore.