Dart Drug Corp. and Hotel Investors, a real estate investment trust, reported higher profits and revenues yesterday.The real estate firm also boosted its quarterly dividend rate.
Landover-based Dart, which operates 75 drug stores from Baltimore to Richmond, listed earnings of $2.48 million ($1.35 a share) on sales of $209 million for the year ended Jan. 31. The previous fiscal period-covering only 10 months because of a change in accounting years-produced earnings of $1.44 million (79 cents) on sales of $153 million.
Dart President Herbert Haft said that for comparability purposes, estimates are that his firm earned $1.35 million (74 cents) in the 12 months ended Jan. 31, 1978, on sales of $179 million.
Hotel Investors, based in Kensington, reported earnings for the six months ended Feb. 28 of $1.38 million (88 cents) compared with $1.15 million (74 cents) a year earlier. Gross income rose to $5.1 million from $4.6 million. The trust specializes in hotel investments and attributed large gains recently to the Dallas Mariott Inn, which it owns.
Trustees declared a cash payout of 50 cents a share, compared with 45 cents in the prior quarter, payable May 1 to owners of record April 16.