Friday, June 29, 2018

Cochin International Airport Ltd records lower profit than last fiscal

Kochi: Cochin International Airport Ltd (Cial), which was recognized by the United Nations as the world’s first fully solar-powered airport in May, reported a profit of Rs 156 crore in fiscal 2017-18, lower than Rs 179.45 crore recorded in 2016-17.
Sticking to the tradition of recording higher revenue, Cial reported annual revenue of Rs 553.42 crore in fiscal 2017-18, compared to Rs 487.28 crore a year ago.
On the reduced net profit, Cial spokesperson said, “After the commissioning of the new international terminal worth Rs 1,250 crore, the company could sustain a meagre decrease in profit. It is an achievement for Cial to maintain their profits.”
The airport witnessed a rise in passenger traffic yearon-year, especially in the domestic sector.
Cial, which is the first public-private partnership airport in India with more than 18,000 investors, also crossed another major milestone for international airports this year, by recording passenger movement of over 10 million .
Last year, Cial had set up a separate subsidiary, Cial duty-free and retail services Ltd (CDRSL) to improve its revenue from duty-free sales. CDRSL logged a turnover of Rs 237.25 crore this financial year. In the 10 months of its operation last year, CDRSL’s turnover was at Rs 181.78 crore.
29/06/18 Times of India
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