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ENS ECONOMIC BUREAU
MUMBAI, MAY 21: Tata Tea Ltd (TTL) has registered a 26 per cent jump in its net profit to Rs 128.8 crore in fiscal 1999 as compared to Rs 102.2 crore in the previous financial year. The company, after the board meeting today, announced a dividend of 110 per cent compared to the previous year's 101 per cent.
According to a company statement, the total turnover has risen by 22 per cent to Rs 883 crore in 1998-99 as against Rs 721 crore the previous year. The gross profit of the company was Rs 220 crore as compared to Rs 182 crore recorded in the previous fiscal.
Exports of the company's mainline products recorded an increase of 12 per cent over the previous year while the export of traded coffee has been discontinued, the statement said. Income from coffee export trading, which contributed Rs 157.61 crore to the turnover in 1997-98, fell to just Rs 1.47 crore in this fiscal, while other income was marginally lower at Rs 16.48 crore from Rs 17.32 crore in the previous fiscal.
Tata Tea is, however, not toobullish about the current fiscal. "The tea-growing areas in the north have witnessed the most severe drought in recent memory resulting in substantial loss of crop in the earlier part of the year. Price trends in the south have remained lower than last year due to a fall in export demand. These developments may possibly impact the current financial year," the company said in a release.
Total expenditure was lower at Rs 680.69 crore, against Rs 713.27 crore in the previous fiscal. Interest charges dropped from Rs 23.88 crore to Rs 18.07 crore, but provision for depreciation increased from Rs 14.66 crore to Rs 17.67 crore during the period. Provision for tax was higher at Rs 56 crore, against Rs 42 crore in the previous fiscal.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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