Chandigarh Industrial and Tourism Corporation has turnover of 3000 million

CITCO has earned a record profit of Rs. 16.95 crores during the year ending March 31 surpassing all previous records of profit. According to Managing Director, CITCO, Mr. Jasbir Singh Bir, the provisional results of CITCO have revealed that the Corporation has been successful in improving its turn over from Rs.273.00 crores in 2005-2006 to Rs. 301.00 crores in 2006-2007.
The Cash Profit for the year ending March 31, 2007 estimated at about Rs. 17.00 crores, will be 17% higher than the profit of Rs. 14.50 crores achieved in the corresponding period last year.
Thd performance is attributed to the current boom in the Hotel and Tourism Industry witnessed in the economy. The flagship hotel of CITCO – Hotel Mountview has generated cash profit of over Rs.10.00 crores on a turnover of Rs.22.28 crores. Hotel Shivalikview has also given very remarkable financial results. The hotel with occupancy of 70%, has witnessed an increase of 15% in turn over from Rs.11.62 crores to Rs. 13.41 crores this year. Its profits have, however, increased by 33% from Rs.3.00 crores to Rs.4.00 crores. The new venture of CITCO – Baithak, Kalagram have also shown good results. The unit which was created to operate on no profit no loss basis has shown a 83% increase in turnover, which has increased from Rs.1.17 crores to Rs. 2.14 crores this year.
This unit’s newly constructed an ethnic Roof Top Restaurant with a number of Machans show that the idea/theme has gone well with the Chandigarh citizens and other people of the surrounding areas and tourists, which has paid rich dividends to CITCO. Hotel Parkview with occupancy of 88% has also shown excellent results this year. Its turnover has gone up by over 13% from Rs.4.22 crores to Rs. 4.78 crores. The profits of the hotel have also shown similar increase at Rs.1.61 crores this year. The construction work of creating 66 additional rooms in this hotel is already under progress at a full swing. Once completed in mid 2008, it will propel the hotel as the biggest hotel property in the city with a capacity of 170 rooms at Budget rates starting from Rs.590.00 for normal standard room. The performance of Chef Lakeview continues to show an upward trend. The profit of the unit at Rs.1.50 crores is also 20% higher than the profit of Rs.1.25 crores achieved in 2005-06. The turnover of the unit has increased from Rs.3.06 crores to Rs.3.46 crores.
Besides introducing online booking, CITCO has also taken up the project of getting ISO Certification for both Hotel Mountview and Hotel Shivalikview. In the Financial Year 2006-2007, besides renovating the Baithak Restaurant and adding 24 rooms in Hotel Parkview, the Corporation added Shikaras at the Lake.