Ahmedabad: Although it is closed for the long term throughout the locking and so on due to a pandemic, the Club Carnavati reports 8.14 crore RS profit in the pandemic year.
Club’s annual report was released on Monday and in accordance with the statement of income, the club made a profit worth RS 8.14 Crore in the financial year 2020-21, vis-à-vis losses of RS 1.62 Crore in 2019-20.
Club sources confirmed that the club paid the accumulation of losses using his profit until last year because overall profit was not seen in the income statement.
“This year, the club’s revenue through investment has been withdrawn and parked at the bank.
This has increased the overall income of the club, thus reflecting profit in the income statement for 2020-21,” said the source.
The total club’s revenue declined from RS 27.55 Crore to Rs 18.96 Crore and the expenditure also declined from Rs 30.06 Crore to Rs 13.63 Crore during the financial year 2020-21.
The decline in income and expenses is associated with club closure due to pandemics, locking, and other restrictions throughout the year.
Because some events, exhibitions and marriages were held due to restrictions related to pandemics, the club suffered in terms of rental income too.
The Club Club announced on Saturday that his annual general meeting would be held on September 23, virtually.
Towards the GMS, the election will be held for posting 10 board of directors, which will be detained for retirement this year.