ITDC in the black with Rs 10.65 cr profit

CORPORATE SCORECARD

Public sector India Tourism Development Corporation (ITDC) has shaken off a loss-making trend to register a profit of Rs 10.65 crore this year, chairman and managing director Pervez Dewan said today.

"Our profits have increased by 340 per cent in the first half of 2006-07 as compared to the corresponding period last year," Dewan told a press conference here.

The corporation not only offset a loss of Rs 4.44 crore, but also achieved a profit of Rs 10.65 crore in the first half this year, thus showing a rise in profits by Rs 15.09 crore.

Dewan said, "There will be no disinvestment with such huge profits. But yes, we are setting up restaurants with private partnership."

The hotels division, ITDC's mainstay, registered a hike in profit of 1,636 per cent compared with the first half of 2005-06, with Rs 7.70 crore in comparison to last year's profit of Rs 0.44 crore, showing an increase of Rs 7.26 crore.

The duty-free division recorded a net profit rise of 172 per cent with a Rs 6.30-crore hike from losses of Rs 3.66 crore in the corresponding period last year. The figures in the first half of 2006-07 showed a profit of Rs 2.64 crore.