Mumbai, July 30: A surge in occupancy rates following increased corporate travel and resurgence of the domestic travel sector helped ITC Hotels post a turnaround in the first quarter this fiscal. The hotel chain ended the quarter with a net profit of Rs 59 lakh as compared to a loss of Rs 2.28 crore in the same quarter last year.

Its total income for the quarter too marked a 25 per cent increase to Rs 31.12 crore, up from Rs 24.99 crore a year ago.
The improved profitability was achieved inspite of the set back caused to the overall international tourism industry by the SARS epidemic in Asia.
ITC-Welcomgroup, the second largest group in India operates 50 hotels in 43 destinations across the country. It has developed four distinct brands which, between them, match the budgetary and service needs of all business and leisure travellers. Bureau Report