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Tisco net profit dips 12 pc to Rs 2.82 billion; board okays 40 pc pay-out

Tata Iron and Steel Company Limited has reported 12.43 per cent decline in net profit at Rs 2.82 billion during 1998-99. In 1997-98, the net profit was Rs 3.22 billion.

The board of directors, however, recommended a dividend of 40 per cent to its shareholders in a meeting in Bombay today to consider annual accounts of the company.

Net sales during the year came down to Rs 62.75 billion from Rs 64.33 billion in 1997-98 while other income increased to Rs 1.78 billion in 1998-99 from Rs 830 million.

The company's interest payment during the year increased to Rs 3.02 billion from Rs 2.60 billion last year following which gross profit came down to Rs 8.13 billion from Rs 8.19 billion the previous fiscal.

Company's provision for depreciation during the year was higher at Rs 3.82 billion against Rs 3.43 billion last year.

Business News