Kerala

CIAL posts profit of ₹166.92 cr.

Proposes to pay dividend of 27%

Cochin International Airport Ltd (CIAL) posted a net profit of ₹166.92 crore out of a turnover of ₹650.34 crore during the financial year ended in March this year.

A meeting of its board of directors chaired by Chief Minister Pinarayi Vijayan has proposed a dividend of 27% to investors, according to a press communication on Saturday.

Despite the closure of the airport for 15 days following the floods of August, 2018, the company registered an increase in turnover of 17.52%. The turnover during 2017-18 was ₹553.41 crore.

The profit (after tax) increased by 7% -- from ₹155.99 crore in 2017-18 to ₹166.92 crore in 2018-19. The consolidated turnover achieved by CIAL and its fully owned subsidiaries such as CIAL Duty Free and Retails Services Ltd (CDRSL) stands at ₹807.36 crore for last financial year. It was ₹701.13 crore in 2017-18. The consolidated profit grew from ₹169.92 crore in 2017-18 to ₹184.77 crore in 2018-19. The CDRSL alone logged a turnover of ₹240.33 crore.

The airport, which pioneered the PPP model in airport infrastructure development with over 18,000 investors from 30 countries, was incorporated in 1994 and the airport was inaugurated 20 years ago, in 1999. The company has been paying dividend consistently from 2003-04. The Kerala government, which has a share of 32.41% in the company, has been given ₹31 crore as dividend in last fiscal. For 2018-19, the board has proposed a dividend of 27% and this has to be ratified by the annual general meeting slated to be held at Fine Arts Hall, Ernakulam, on September 28.

Director of CIAL and Agriculture Minister V.S. Sunil Kumar, CIAL directors K. Roy Paul, A.K. Ramani, M.A.Yusuffali, E.M. Babu, Managing Director V.J. Kurian and Company Secretary Saji K.George attended the meeting.

The airport is fourth in the country in terms of international traffic and seventh in total traffic and has been handling more than 10 million passengers a year since 2017-18.

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Printable version | Feb 19, 2020 6:28:44 AM | https://www.thehindu.com/news/national/kerala/cial-posts-profit-of-16692-cr/article28231185.ece

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