The Cochin International Airport Limited (CIAL) has announced a net profit of INR 166.92 crore in the financial year 2018-19, a 7% rise from the previous year. The turnover of the year was INR 650.34 crore, 17.52% increase from last year.
The turnover in the previous year (2017-18) was INR 553. 41 crores and the net profit was INR 155.99 crore. The Cochin airport remained closed for 15 days due to flood in August 2018, which did not affect its financial performance, a release from CIAL pointed out.
The consolidated turnover achieved by CIAL and its fully owned subsidiaries like CIAL Duty-free and Retails Services Ltd (CDRSL) stands at INR 807.36 crore this year. It was INR 701.13 crore last year. The consolidated profit increased from INR 169.92 crore in 2017-18 to INR 184.77 crore in 2018-19. CDRSL alone registered a turnover of INR 240.33 crores.
CIAL paid INR 31 crore as dividend last year to the State Government of Kerala, which owns a share of 32.41% in it. The airport was made under public-private-partnership (PPP) and hence, has been paying out dividends.
A meeting of its board of directors chaired by Kerala Chief Minister Pinarayi Vijayan has proposed a dividend of 27% to investors, according to a press communication on Saturday. However, this percentage has to be approved by the annual general meeting scheduled to be held at Fine Arts Hall, Ernakulam, on September 28.
Cochin airport is the fourth in the country in terms of international traffic and stands seventh in total traffic. It is also the world’s first airport fully powered by solar energy.
Starting November 20, 2019, there will be no daytime flight operations at the Cochin International Airport due to runway re-carpeting works.
Ria is a lead news writer at Aviation Scoop. She writes from dawn to dusk, reads in the evenings, and draws at some ungodly hours. She loathes human interaction, and finds solace in the sweet, musky smell of old books, and rain. Find her on Twitter here - @rialakshman.