Cochin International Airport Limited (CIAL) has made a recovery from the impact of the pandemic on the aviation sector and registered a profit (before tax) of ₹37.68 crore for the financial year 2021-22.
The meeting of the board of directors held in Thiruvananthapuram decided to hold the Annual General Meeting of shareholders on September 26, 2022. It was presided over by Chief Minister Pinarayi Vijayan.
The company has made a comeback from a situation when it incurred a loss of ₹87.21 crore in the financial year 2020-21 against a turnover of ₹252.71 crore, a company release said here on Monday.
CIAL, which used to handle around 10 million passengers annually, saw a huge drop both in passenger traffic and revenue during the pandemic.
When the pandemic started to wane, the management implemented new operational strategies and financial restructuring to improve connectivity and general performance. As a result, the number of passengers had increased from 24.7 lakh during financial year 2020-21 to 47.59 lakh in 2021-22, it said.
The company said it had made a turnover of ₹418.69 crore for the financial year 2021-22, registering an operating profit of ₹217.34 crore. The profit before tax is ₹37.68 and the net profit is ₹26.13 crore.