A Correspondent

Turnover has improved by 25%

Nedumbassery: Cochin International Airport Ltd. (CIAL) has registered a 25 per cent growth in income during the financial year ended March 31, 2009, with a turnover of Rs.173.060 crore as against Rs.138.206 crore the previous fiscal.

According to the 15th annual report of the airport company, CIAL’s net profit also grew by around 26 per cent to Rs.59.34 crore against Rs. 46.81 crore in the corresponding period last year, leaving Rs. 24.705 crore to the company’s general reserves after appropriating 10 per cent dividend on the paid up value of equity shares plus a tax on dividend.

The gross profit also increased to Rs.68.93 crore from Rs.51.23 crore last term.

The report said the growth in revenue, which had come during a period of turbulence for the global airport and aviation industry, was based on a series of efficiency improvement drives.

It was during this period, a resurfacing of the runway was carried out without incurring any consequential loss of revenue by effective work planning and rescheduling of airlines. While the aircraft movement in the international sector increased by 17 per cent to 1,904 movements during the period under review, the domestic traffic witnessed a decline of 3 per cent owing to route rationalization measures adopted by domestic carriers.

Though there was a 13.7-per cent dip in domestic passengers, this was negated by a 13.5 per cent growth in the international sector, keeping the total passenger movement more or less flat at the last year’s figure of 3.36 million.

The cargo traffic also showed significant improvement with exports improving from 15,024 tonnes to 18,334 tonnes and imports 6,055 from 5,828 tonnes. In the domestic segment, the total volume of inbound movement stood at 4,067 tonnes against 2,452 tonnes of goods despatched.

The total foreign exchange receipts of the company in the form of airport charges from foreign airliners, ground handling royalties and duty-free sales rose to $68,59,09,649 when compared to the last year’s figure of $40,87,61,534.

The payments under this category of which the management fee accounted a major share also increased from $83, 09,407 to $1,32,09,244.

The growth in revenue was primarily led by an increase in the duty free business, accounting nearly 37 per cent of the company turnover.

The duty free sales increased to Rs.63.65 crore as against Rs.41.68 crore during the term with an impressive growth rate of around 52 per cent. The report also announced that the 15th Annual General Meeting of the company would be held at the Ernakulam Fine Arts Hall on September 25 and the agenda includes the re-appointing of Ministers K.P. Rajendran and T.M Thomas Isaac as company directors and adopting the balance sheets and accounts for the year 2008-09.