Industry

Coronavirus | Cochin International Airport incurs loss in first quarter

Passenger aircrats park at the terminal of Cochin International Airport (CIAL) during the lockdown. File   | Photo Credit: Thulasi Kakkat

Cochin International Airport Ltd (CIAL) registered a profit of ₹204.05 crore during 2019-20. The holding company, having 100 per cent shares in subsidiaries like Cochin Duty Free and Retail Services Ltd (CDRSL) registered a consolidated turnover of ₹810.08 crore.

However, the company registered a loss of around ₹72 crore in the first quarter of 2020-21 “owing to the travel restrictions imposed globally due to the COVID-19 pandemic”.

CIAL handled around 240 aircraft movements and 30,000 passengers daily during the pre-pandemic period which came down to 36 services and 2,300 passengers now, triggering a huge fall in revenue and profit, the communication added. The first quarter of 2020-21 saw a loss of ₹72 crore against a revenue of ₹19 crore.

A statement issued by CIAL in Kochi on Tuesday said that CIAL alone registered a turnover of ₹655.05 crore with a profit after tax of ₹204.05 crore during 2019-20. The PBT during the last financial year was ₹166.91 crore, the YoY growth of profit being 22.25%.

The consolidated profit (including that of subsidiaries) for the year 2019-20 is ₹226.23 crore, said the communication after the director board chaired by Chief Minister Pinarayi Vijayan proposed a dividend of 27 per cent which has to be endorsed by the annual general meeting of shareholders slated to be held on September 5.

CIAL has been giving dividend since 2003-04 and total dividend pay-out will touch 282 per cent this financial year, subject to the endorsement of AGM. CIAL has around 19,500 shareholders from 30 countries.

CIAL has invested heavily in installing safety equipment and health surveillance systems to ensure safe travel both to passengers and crew during the period of the pandemic. It also spends around ₹129 crore on flood mitigation projects.

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Printable version | Oct 1, 2020 7:16:14 PM | https://www.thehindu.com/business/Industry/coronavirus-cochin-international-airport-incurs-loss-in-first-quarter/article32327657.ece

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