Nestle pays 60% dividend, net profit up 41%

MUMBAI, March 17: Nestle India Ltd has fared well during the year ended December 1997. The directors have recommended a final dividend of 15...

MUMBAI, March 17: Nestle India Ltd has fared well during the year ended December 1997. The directors have recommended a final dividend of 15 per cent. As two interim dividends of 25 per cent and 20 per cent were already paid during the year, the total dividend for the year amounted to 60 per cent.

Net sales during the year amounted to Rs 1425.6 crore against Rs 1204.8 crore last year, an increase of 18 per cent. A record level of exports (Rs 330.2 crore) was achieved during the year. Exports now constitute 23 per cent of the turnover.

The gross profit spurted to Rs 159.2 crore from Rs 83.7 crore. After depreciation of Rs 27.5 crore (Rs 2.27 crore), provision for contingencies of Rs 35 crore (nil) and taxation of Rs 22.4 crore (Rs 6.8 crore), the net profit was higher amounted to Rs 74.3 crore against Rs 54.2 crore last year. Despite difficult and sluggish market conditions, strict internal cost control measures, contributed to a net profit growth of 41 per cent over 1996. The company has created acontingency provision of Rs 35 crore (including Rs 17 crore for earlier years).

US President Donald Trump gestures as he arrives on Air Force One at LaGuardia Airport. (Photo: AP)

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