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ITDC declared dividend despite the economic downtu

Digitalpr Newbie
Digitalpr
Digitalpr

Joined: 19 January 2010
Posts: 2

Posted: 19 January 2010 at 11:37pm | IP Logged

The India Tourism Development Corporation (ITDC) today presented a dividend cheque of Rs. 7.90 crore to Kumari Selja, Honorable Minister for Tourism & HUPA. The dividend Cheque was presented by Shri Sanjay Kothhari, C&MD, ITDC. Shri Sujit Banerjee, Secretary, Tourism was also present on the occasion.

 

For the third consecutive year in a row i.e. 2006-07, 2007-08 and now for the financial year 2008-09, ITDC declared a dividend for its shareholders. For the financial year 2008-09, the dividend declared is Rs. 8.58 crore. Earlier in the financial years 2006-07 and 2007-08, the corporation declared a dividend of 20% in each year but despite the global meltdown during the financial year 2008-09, ITDC paid 10% dividend on the paid up share capital to its shareholders.

 

Despite the fact that USA and Europe is facing the acute impact of global recession, during the financial year 2008-09, the turnover of the company stood at Rs. 411 crore. The corporation posted a net profit of Rs. 25 crore during the financial year 2008-09, ITDC ploughed back its profits into upgrading its hotels outside Delhi as well as Hotel Janpath, New Delhi.

 

The hotels of ITDC in Delhi- 'The Ashok, Samrat & Janpath' have been designated as 'Games Family', for the Commonwealth Games 2010. These three hotels are undergoing major transformation by way of up gradation of public areas, guest rooms and addition of food & beverage outlets.

 

In addition ITDC has been entrusted the responsibility of creating & operating the alternate hotel accommodation at Vasant Kunj DDA flats and the furnishing of the accommodation at the Games Village at Akshardham for the Commonwealth Games 2010.

 

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