OTDC declares interim dividend of Rs 1 crore for FY18

Odisha Tourism Development Corporation (OTDC) today declared an interim dividend for the first time since its inception of Rs 1 crore for the 2017-18 fiscal.

Tourism Minister Ashok Chandra Panda handed over a cheque of Rs 1 crore to Chief Minister Naveen Patnaik towards interim dividend for the year, a state government official said.

Panda said the Odisha government has invested Rs 9.62 crore in OTDC as equity.

The company was making continuous losses since inception till 2002-03, and only from 2003-04, it started making profits. During the 2016-17 fiscal, the Corporation posted a net profit of Rs 5.89 crore and the accumulated profit as on March 31, 2017 stood at Rs 26.20 crore, he said.

OTDC has set an ambitious target to make a quantum jump in turnover and profitability in the next three years by improving its facilities and services, said an official.