TFCI declares 36% profit upto Dec 31 2007

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New Delhi, Feb 1 (UNI) Tourism Finance Corporation of India(TFCI) today declared 36 per cent growth in its operating profits for the nine month period ended December 2007 with the figure standing at Rs 12.42 crores.

The premier financial instituion providing dedicated line of credit to the tourism industry had registered an operating profit of Rs 10.73 crore during the coressponding period of the pervious year.

TFCI CMD Archana Capoor told a Press Confrence here that the financial instituion during the past 3 to 4 years has been financing projects facing difficulties due to the downtrend in the tourism sector.

These steps include proactive measures such as restructuring, reshedulement, grant of relief and concessions and providing additional support wherever necessary. She said this has resulted in turning difficult accounts into performing assests.

Ms Capoor said this has led in Net Non Performing Assets of the Corporation being reduced to zero.

She said this gets reflected in the growth of net profit after tax for the corporation, which has improved to Rs 6.40 crore as against Rs 4.71 crore during the corresponding period of the previous year.

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