Cochin International Airport sees 17.52% rise in turnover

Cochin International Airport Ltd (CIAL) Saturday said it has registered a net profit of Rs 166.92 crore out of a turnover of Rs 650.34 crore during the financial year 2018-19, Despite the closure of the airport for 15 days due to the floods in August, the CIAL registered an increase of turnover of 17.52 per cent. The turnover during 2017-18 was Rs 553.41 crore, the company said. The profit (after tax) increased by 7 per cent, ie, Rs 155.99 crore in 2017-18 to Rs 166.92 crore in 2018-19, a press release said.

The consolidated turnover achieved by CIAL and its fully owned subsidiaries like CIAL Duty-free and Retails Services Ltd (CDRSL) stands at Rs 807.36 crore this year against Rs 701.13 crore last year. The consolidated profit increased from Rs 169.92 crore in 2017-18 to Rs 184.77 crore this financial year.

CDRSL alone has logged a turnover of Rs 240.33 crore, the release said. CIAL, which pioneered the idea of PPP model in airport infrastructure development, has been paying a dividend from 2003-04 and with the last fiscal, the total dividend payout touched 228 per cent.

The Kerala government which has a share of 32.41 per cent in CIAL has been given Rs 31 crore as dividend during the last fiscal, the release said. For the 2018-19, the board has proposed a dividend of27 per cent which has to be ratified by the annual general meeting to be held in Ernakulam on September 28, it said.