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OTDC declares interim dividend of Rs 1 crore for FY18

Business Finance

Press Trust of India  |  Bhubaneswar 

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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, April 10 2018. 19:25 IST