Monday, September 16, 2019

Aviation Sector: Bangalore International Airport profit after tax falls 22.5 pct

The Bangalore International Airport (BIAL) posted 22.5% year-on-year decline in profit after tax (PAT) to Rs 656 crore for the financial year 2018-19 due to lower user development fee (UDF). The airport operator had reported Rs 846 crore profit in FY18, according to the data available with the ministry of corporate affairs. While passenger footfall at Kempegowda International Airport (KIA) jumped 23.8% y-o-y in FY19, operating revenues were down 3% y-o-y to Rs 1,505 crore as Airport Economic Regulatory Authority (AERA) slashed UDF for domestic and international passengers by 67% in August 2018.
The UDF for domestic passengers came down to Rs 100 from Rs 306, and to Rs 400 from Rs 1,226 for international passengers. While GMR-owned Delhi International Airport reported Rs 112-crore loss for the year ended March 31, 2019 against PAT of Rs 38.3-crore in FY18 due to sharp reduction in aeronautical revenues, GVK’s Mumbai International Airport more than doubled its PAT to Rs 96 crore in FY19 on the back of higher passenger count. Delhi and Mumbai airports witnessed passenger traffic growth at 5.4% y-o-y and 1% y-o-y, respectively, in FY19.
16/09/19 Arun Nayal/Financial Express

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