APSRTC in the black

Vijayawada, Apr 30 (UNI) The Andhra Pradesh State Road Transport Corporation (APSRTC) has earned a net profit of Rs 55 crore during 2006-2007 after incurring losses during the previous years, Vice-Chairman and Managing Director V Dinesh Reddy said today.

Mr Reddy told newspersons here the profit was achieved even after implementing a wage hike to the employees amounting to around Rs 170 crore. The total revenues of APSRTC during the last financial year was Rs 4,365 crore.

He attributed the profit to the hard work of the employees and added the Occupancy Ratio (OR) had increased to an average of 68 per cent in the state last year.

A master plan was being prepared for the development of the land owned by the RTC in Vijayawada Region and the vacant places owned by it would be given on lease under Built Operate and Transfer (BOT) basis for commercial complexes.

Mr Reddy said the Corporation had provided 17 new 'palla velugu' buses for the Vijayawada Region due following positive response and 3,000 new buses would be introduced across the state by the end of the year.

Regarding the staff recruitment, Mr Reddy said about 4,000 casual labourers have been regularised by the Corporation.

UNI