Hotel Corpn Posts 10-Fold Jump In Net
The profit has vaulted to Rs 46.01 crore from Rs 4.47 crore last year.
This has helped the company to reduce its accumulated losses to Rs 33.03 crore from Rs 79.04 crore last year.
A wholly-owned subsidiary of Air-India, HCI posted a profit for the first time in 12 years in 1994-95.
This year's excellent results are due to a financial restructuring programme undertaken by us last year plus our effective marketing strategy, said Kamal Sharma, managing director of HCI.
The surge in tourist traffic in the light of liberalisation has also contributed to the hotels growth, he adds.
The corporation's total debt has came down to Rs 52.64 crore last year from Rs 88.41 crore in 1994-95.
This was made possible due to waiver of penal interest and liquidated damages amounting to Rs 12.08 crore by the four financial institutions