The Chandigarh Industrial & Tourism Development Corporation (Citco) showed a record profit of Rs 16.6 crores surpassing all previous performance parameters with an increase in the turnover to Rs 290 crores in comparison with Rs 273 crores in the financial year 2005-2006.
The board of directors under the chairmanship of home secretary Krishna Mohan appreciated the efforts made by all employees of Citco in improving the financial parameters of the corporation and hence announced a bonanza for the employees as bonus of Rs 11,500 as a Diwali gift in recognition of their services.
The board fo directors also approved dividend of over Rs 45 lakh, which is the highest ever, paid by Citco to Chandigarh Administration.
According to the managing director Jasbir Singh Bir, the flagship hotel Mountview has generated a cash profit of Rs 10 crore over a turnover of Rs 22.28 crore and hotel Shivalikview has increased its turnover to Rs 13.41 crore against Rs 11.60 crore of last year. The performance of Chef Lakeview continues to show an upward trend and the turnover increased to Rs 346 lacs with a record profit of Rs 1.50 crores, a financial performance benchmark which is comparable to that in the private sector.
The good results achieved by Citco is a result of hard work, dedication and improvement in professional skills of its employees, which has come about by means of motivation and up gradation of skills through a number of training programmes held in collaboration with hotel industry experts in their respective fields and also due to various cost control measures taken by the corporation.
The managing director also informed that Citco in the current financial year continues to tread along the path of growth. During the first six months of the year 2007-2008 achieved a higher turnover of Rs 161 crores as compared to Rs 136 crores during the corresponding period last year.
There is a profit of Rs 822.00 lakh which is 29% higher than the cash profit against Rs 637.43 lakh as that of the last year.