Date:02/05/2007 URL: http://www.thehindu.com/2007/05/02/stories/2007050209200500.htm

Business

CITCO earns record profit

Special Correspondent

CHANDIGARH: The Chandigarh Industrial and Tourism Development Corporation (CITCO) has earned a record profit of Rs. 16.95 crore during the year ended March 31, 2007, its Managing Director Jasbir Singh Bir said here on Tuesday.

He disclosed that according to the provisional results, CITCO has improved its turnover from Rs.273 crore in 2005-2006 to Rs.301 crore in 2006-2007. It had recorded a profit of Rs. 14.5 crore during the last financial year.

Mr. Bir said that the performance was noteworthy as it had been achieved in an era of competition and after clearing all pending arrears of CITCO employees.

He disclosed that the flagship hotel of CITCO -- Hotel Mountview -- had generated cash profit of over Rs.10 crore on a turnover of Rs.22.28 crore. Hotel Shivalikview had also given very remarkable financial results. The hotel with an occupancy of 70 per cent had witnessed an increase of 15 per cent in turnover from Rs.11.62 crore to Rs. 13.41 crore this year. Its profits had increased by 33 per cent from Rs.3 crore to Rs.4 crore. Mr. Bir said Baithak, Kalagram, had also shown outstanding results. The unit, which was created to operate on a no-profit-no-loss basis, had shown an 83 per cent increase in turnover, which had increased from Rs.1.17 crore to Rs. 2.14 crore this year. Hotel Parkview with occupancy of 88 per cent had also shown excellent results. A "Condom Bar" at Baithak scheduled for inauguration on Wednesday would help in creating AIDS awareness among vulnerable people, he added.