81.   Its hotel operations would face stiff competition and the operating margins for its manufacturing activities would be narrowed by costlier imported raw materials, it said.

82.   Lawrence A. Bossidy, chairman and chief executive officer, said the company enjoyed healthy operating margin expansion in aircraft engines and commercial avionics.

83.   The manufacturing sector is expected to see a decline in its operating margin due to the higher cost of raw materials.

84.   The operating margin on cognac and spirits rose slightly last year, particularly in China.

85.   The specialist in roads and highways construction enjoys high operating margins.

86.   But an increase in the cost of materials had had an adverse effect on operating margins in all product areas, Electrolux said.

87.   The statement said the improvement was due primarily to the effect of the financial restructuring and also to increased operating margins.

88.   It said that SIA, Korea Air, Thai Airways and Cathay Pacific appeared the most efficient in terms of operating margins.

89.   Operating margin measures net income as a percentage of sales.

90.   The analysts comment that one factor bringing the return to profitability is the rise in operating margins on auto output.