IAS dragged to transfer most profitable 3 departments to GMR

Male: Island Aviation Services Limited (IAS) is forced to transfer three most profitable departments to India’s GMR Infrastructure.
Admin Manager Ali Nashaath said the company tried to hold cargo services department, ground services department and Maldivian ground operations. She said senior company officials including Managing Director and Finance Ministry officials are travelled to India to discuss the matter with GMR officials.
“MD and senior officials talked with Finance Ministry on several occasions to hold those departments until 2011 or 2012 year-end. They also travelled to India and held discussions. But we transferred those departments as we did not have any other choice,” she said.
Government leased Male International Airport to GMR for 25 years.
According to Managing Director ‘Bandu’ Ibrahim Saleem’s annual report, the company recorded an Rf67 million profit from ground services, cargo and lounge services, compared to 2008’s Rf56 million. The Managing Director ‘in his report said the company would lose the profit from ground services, cargo and lounge services if the airport is privatised.
The company earlier said Rf100 million would be needed for sustainable management annually if the company loses the businesses at the airport.
13/10/10 haveeru online

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Categories: airports Oct 2010, Foreign Oct 2010