The Hindu : Business : Cochin International Airport registers 23% growth

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Saturday, Dec 06, 2008
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Cochin International Airport registers 23% growth

A Correspondent

Rise in non-aeronautical revenue sources

Gross profit in the fiscal grown by
15 per cent
Move to reintroduce user development fee

Nedumbassery: The Cochin International Airport Limited (CIAL) has registered a growth rate of 23.5 per cent during the financial year 2007-2008, with its turnover reaching of Rs. 138.21 crore as against Rs. 111.87 crore in the previous fiscal, according to its 14th annual report.

The airport company registered a net profit of Rs.46.81 crore as against Rs. 37.19 crore during the last term, leaving a balance of Rs.19.10 crore even after the proposed 8 per cent dividend per share and the tax on dividends.

The gross profit in the fiscal has increased to Rs. 51.24 crore from Rs. 44.40 crore last year, a growth rate of 15.4 per cent.

The report said that as in the previous year, the growth in revenue was primarily led by an increase in the non-aeronautical revenue sources of duty-free sales, rent collection and royalties. The income from duty-free business in the airport, accounting for nearly 30 per cent of the company’s turnover, stood at Rs.41.68 crore, registering a growth rate of 28 per cent.

Forex earnings up

Total foreign exchange earnings of the company from foreign airlines in the form of airport charges and ground handling royalties and from duty-free sales rose to Rs.40.9 crore when compared to the last year’s figure of Rs. 37.3 crore.

The movement of aircraft in the international sector grew by 15 per cent and that in the domestic sector by 38 per cent. )Passenger movement, in both segments, showed a remarkable improvement of 30 per cent growth rate with the total number of passengers passing through the airport reaching 3.34 million from 2.6 million last time.

Higher cargo exports

Cargo export was 15,024 tonnes against the import of 5,828 tonnes and the domestic outbound cargo was 2,452 tonnes.

The report also announced that the 14th Annual General Meeting (AGM) of the company would be held at Ernakulam Town Hall on December 20 and the agenda included a re-election of three of its board members and the review of balance sheets and accounts for the year 07-08.

Sources said from next year, the company would re-introduce the User Development Fee of Rs. 500 from international passengers after getting a nod at this year’s AGM on December 20.

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