LAHORE, Oct 25: Corporate and Industrial Restructuring Corporation (CIRC) has posted a profit of Rs345 million, noted the 9th meeting of the board of directors held here on Friday with Finance Minister Shaukat Aziz in chair.

According to a handout, the meeting also noted that CIRC had disposed of 64 units with an outstanding of around Rs9 billion for a value of Rs2.29 billion, posting a net CIRC saving of around Rs345 million.

The meeting which disposed of 13 agenda items, noted that as a result of restructuring, CIRC had created direct and indirect 22,000 employment opportunities.

Mr Shaukat urged the CIRC management to get the highest return on investments to offset the administrative expenses and continue upward trend in surpluses.

He urged it to pursue cost control culture through capacity utilization of human resource capabilities. He proposed it to introduce matching benchmarks for its executives to increase existing performance of CIRC.

The board also directed CIRC to accelerate the corporate restructuring process to make it even more cost effective.

The meeting noted that CIRC was able to resolve 75 cases with an outstanding amount of Rs4 billion between banks and borrowers.

The board meeting was attended among others by federal ministers of commerce, privatization, Punjab finance minister.