Tuesday, June 27, 2023

Cochin International Airport flies high with record annual profit

Kochi: Cochin International Airport Ltd (CIAL) plans to commission five mega projects, including a new import cargo terminal, this year. At its board meeting on Monday, the company reported the highest profit in its 25-year history and said it would achieve a turnover of Rs 1,000 crore in the current financial year, an increase of nearly 30% from 2022-23.  

CIAL posted a net profit of Rs 267.17 crore for 2022–23 on an operating profit of Rs 521.50 crore. It also announced a dividend of 35%, which is subject to the ratification of the annual general meeting on September 28. “This is the highest-ever dividend offered by CIAL in its 25 year operational history,” the company said. 

Approving its blueprint for infrastructure development, CIAL said the new import cargo terminal, which is expected to increase its cargo-handling capacity by 150%, is due to be inaugurated by September. It also decided to commence work on four infrastructure development projects. These include the Rs 500-crore expansion of Terminal 3, the commissioning of a new cargo terminal, the beginning of city-side infrastructure projects; a transit accommodation facility at T2, a commercial zone near T3, and a tourism project at the CIAL golf course. It will focus on completing the projects in a time-bound manner. 

In 2022–23, CIAL registered a turnover of Rs 770.90 crore. This was Rs 418.69 crore in the previous year. The airport handled 89.29 lakh passengers and 61,232 aircraft movements during the period under review. 

After posting a loss of Rs 85.10 crore in fiscal 2020-21, CIAL registered a strong comeback by focusing on generating new revenue streams from the non-aero sector and undergoing major financial restructuring.  

27/06/2023 New Indian Express

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