ITDC shows signs of recovery, makes profit in Q1
New Delhi, July 6 (UNI) The India Tourism Development Corporation(ITDC) has started recovering from the red with an impressive performance during the first three months of the current year.
ITDC sources said here today that the corporation had shown a major growth in its turnover in the first quarter of 2006-07 financial year as compared to the corresponding quarter of the previous year.
The overall profits have shot up by 183 per cent in first quarter in comparison to the same period last year.
The Corporation not only offset a loss of Rs 4.38 crore but also achieved a profit of Rs 3.6 crore in the first quarter, thus showing a rise in profits by Rs 8.04 crore.
The hotels division, a major activity of the ITDC, registered a hike in profit of 296 per cent compared to the first quarter of 2005-06.
In comparison to a loss of Rs 126.76 lakh in the first quarter of last year, the division earned a profit of Rs 249.96 lakh, thus making a net profit of Rs 3.77 crore.
The ITDC runs 16 hotels in the country, including its prime properties in Delhi - Hotel Ashok and Hotel Samrat.
This quarter, the Duty Free Division recorded a net profit rise of 139 per cent vs the first quarter of last year. The ITDC is running duty free shops at the airports in Delhi, Mumbai and Chennai.
The figures in the first quarter of 2005-06 stood at a loss of Rs 268.87 lakh. The figures of the first quarter of 2006-07 show a profit of Rs 105.82 lakh. This means, there was a net profit of Rs 3.75 crore in the first quarter of this year.
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