After Rs 204 crore profit last year, CIAL incurs Rs 72cr loss in first quarter this fiscal

Despite uncertainty, Kochi airport gears up to resume operations

Kochi:The Cochin International Airport (CIAL) registered a profit of Rs 204.05 crore in the last fiscal, the company stated in a press release issued on Tuesday.

The holding company having 100 per cent shares in subsidiaries like Cochin Duty Free and Retail Services Ltd (CDRSL) registered a consolidated turn over of Rs 810.08 crore in FY 2019-20. Meanwhile, the company incurred a loss of around Rs 72 crore in the first quarter of FY 2020-21 owing to the travel restrictions imposed globally due to the Covid-19 pandemic.

CIAL alone registered a turn over of Rs 655.05 crore with a profit (after tax) of Rs. 204.05 Cr during FY 2019-20. The profit was Rs.166.91 Cr in FY 2018-19 . The YoY growth of profit is 22.25 per cent. 

The consolidated profit (including that of subsidiaries) for the FY 2019-20 is Rs 226.23 crore.

The director board chaired by Kerala Chief Minister Pinarayi Vijayan has proposed a dividend of 27 per cent which has to be endorsed by the Annual General Meeting of shareholders slated to be held on September 5, 2020. CIAL has been giving dividend since FY 2003-04 and total dividend pay-out will touch 282 per cent with this financial year, subject to the endorsement of AGM. CIAL has around 19,500 shareholders from 30 coutries.

 CIAL was handling around 240 aircraft movements and 30,000 passengers daily during the pre-pandemic period which came down to 36 services and 2300 passengers now, triggering a huge fall in revenue and profit.  The first quarter of FY 2020-21 forced the company to suffer a loss of Rs 72 crore against a revenue of Rs 19 crore.

 CIAL has hugely invested in installing safety equipment and health surveillance systems to ensure safe travel both to passengers and crews during the period of the pandemic. It also spends around Rs 129 crore in the flood mitigation projects. The company presumes that it can resume a good show in generating revenue once the travel restrictions end.

The director board was chaired by Chief Minister Pinarayi Vijayan. Directors including Minister Dr Thomas Isaac, Minister Adv VS Sunil Kumar, K Roy Paul, Ramany AK, MA Yusuff Ali, CV Jacob, NV George, EM Babu, CIAL Managing Director VJ Kurian and Company Secretary Saji K George participated.

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