The Chandigarh Industrial and Tourism Development Corporation Limited (CITCO) was incorporated as a Company under the Companies Act 1956 on 28.03.1974. It was originally known as Chandigarh Small Industries Development Corporation (CSIDC) and started functioning as such from 20.09.1974. The Corporation was given additional functions of promotion of Tourism and other related activists in the year 1982. As a result of which, its name was changed to Chandigarh Industries and General Development Corporation Limited.(CIGDC). In 1982, the Management of Hotel Mountview, Sector 10, Chandigarh and Hotel Parkview(then Chandigarh Yatri Niwas) was transferred to the Corporation . In addition the Corporation was given the responsibility for managing the Community Centres and Clubs,(this activity was later transferred to Municipal Corporation, Chandigarh). In 1988, the incomplete building of Hotel Shivalikview,(the then Janta Hotel) was transferred to CITCO for construction and management. This hotel was put in commercial use on 01.01.1990. In 1992, the Corporation was allotted land in Sector 9, Chandigarh for setting up a Petrol Pump. CITCO tied up with BPCL & the Petrol Pump is running as one of the most preferred outlet in the City. In 1993, CITCO was appointed as C&F Agent for IPCL (taken over by Reliance Industries Limited). In 2000, CITCO was allotted space at Kalagram on Chandigarh Shimla Highway to set up a Restaurant. The unit is designed as an ethnic Punjabi outlet. In 2002, CITCO was allotted space for running fast food outlet in the hub of the Sub City Centre, Sector 34, Chandigarh. The outlet 'Drop-In created therat is very popular with office goers.

FINANCIAL RESULTS

The following is the statement of Sales, Expense and Profit for the last 04 years:- 

(Figures in Rupees - Lacs)

Particulars	2003-04	2004-05	2005-2006	2006-2007
Share Capital	1503.46	1503.46	1503.46	1503.46
Turnover	26946.49	43613.88	27345.95	29026.58
Cost of Goods sold	23498.05	39725.51	23225.71	24126.84
Gross Profit	3448.44	3888.43	4120.24	4899.74
Employee Remuneration and other benefits	1514.25	1699.52	1881.12	2153.66
Administrative, Selling & Misc. Expenses	801.99	762.28	903.65	1058.22
Profit before Dep. Interest & Taxes	1132.20	1426.63	1335.47	1687.86
Interest	10.23	13.61	4.14	27.63
Profit before Dep.  & Taxes	1121.97	1413.02	1331.33	1660.22
Depreciation	222.55	224.06	228.57	246.58
Profit before adjustments and taxes	899.42	1188.96	1102.76	1413.65
Prior Period Adjustments	+101.38	(+)14.16	(+)61.68	9.15
Profit before Taxes	1000.80	1203.12	1164.44	1422.80
Income Tax	300.64	425.00	412.33	523.27
Net Profit	700.15	778.12	752.11	899.53

The unit wise trunover of the Corporation is given as under

(Figures in Rupees - Lacs)

Unit	2003-04	2004-05	2005-06	2006-07
Steel Depot	20689.75	36315.30	18679.67	19567.01
I.D.F.C.	12.87	6.67	7.92	8.34
Emporium	13.74	20.13	13.46	9.83
Mountview	1731.74	1817.75	2105.43	2231.78
Shivalikview	891.01	1125.80	1157.08	1350.28
Parkview	273.90	334.08	424.75	474.33
Tour & Travel	14.57	5.61	4.25	6.80
Canteens	470.89	525.24	540.91	663.94
Petrol Pump	2705.18	3207.87	4064.46	4306.94
Others	142.84	255.43	348.02	407.33
Total	26946.49	43613.88	27345.95	29026.58