Chandigarh: The Chandigarh Industrial and Tourism and Corporation (CITCO) will expand its profile as a brand franchisee by offering its name to a resort at Barog, near Shimla. The CITCO board meeting, chaired by Home Secretary Krishna Mohan, today decided that franchise will be offered on profit sharing business model and the CITCO will also provide trained manpower and expertise for a mutually beneficial business relationship.
According to Jasbir Singh Bir, Managing Director, CITCO, in the first three quarter of current financial year, the CITCO has made a record profit of Rs 12.68 crore; surpassing all previous financial performance, parameters with an increase in turnover to Rs 246 crore as against Rs 211 crore during the corresponding period last year.
The CITCO’s flagship, Hotel Mountview, has generated a cash profit of over Rs 7.54 crore with an increase in turnover of Rs 18 crore.
Similarly, Hotel Shivalikview has also improved its turnover from Rs 9.70 crore as that of last year to Rs 11.12 crore.
“Chef Lakeview also continues to show an upward trend in turnover, increasing to Rs 307 lakh with a considerable profit of Rs.137 lakh. The financial performance parameters of the CITCO are comparable to the benchmark as that in the private sector in the hospitality industry,” added Bir.
The CITCO is also taking initiative to upgrade its Industrial Development-cum-Facility Centre in consultation with various industry associations and there is a proposal to enhance the facilities by upgrading and procuring new machines that shall provide better facilities to the industrial units for improving their productivity and business. The CITCO will also start specially designed training programmes in collaboration with CTR, Ludhiana for upgrading the manpower of small scale industries in Chandigarh.
Source: ENS