Indian Hotels' profit up by 3 p.c.

The Indian Hotels Company (IHCL) has announced a marginal 3 per cent increase in its net profit at Rs. 116.79 crores for the year ended March 2001 against Rs. 113.23 crores in the previous year.

The board has recommended a dividend of 100 per cent.

Sales and other operating income stood at Rs. 687.50 crores against Rs. 603.47 crores. Other income amounted to Rs. 28.84 crores (Rs. 27.12 crores).

According to the company, a rise in depreciation and interest costs, on account of the upgradation of its properties and acquisition, has impacted profit after tax.

The company provided Rs. 31.15 crores (Rs. 15.54 crores) for interest and Rs. 45.16 crores (Rs. 37.69 crores) for depreciation. Amortisation of VRS expenses was Rs. 3.53 crores and provision for tax Rs. 20.50 crores (Rs. 17.50 crores).

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Section  : Business
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