KOCHI: Cochin International Airport Limited (CIAL) has made a strong comeback from the impact of the Covid pandemic on the aviation sector. After having incurred a loss of Rs. 87.21 Cr. during the FY 2020-21, the airport company has registered a profit (before tax) of Rs. 37.68 crore. for the FY 2021-22.
The board of directors met at Thiruvananthapuram with Chief Minister Pinarayi Vijayan at the chair and have also decided to hold the annual general meeting of shareholders on September 26.
The company has come back from a situation where it incurred a loss of Rs 87.21 crore in the FY 2020-21 against a turnover of Rs 252.71 crore. CIAL, which used to handle around 10 million passengers annually, had witnessed a huge drop both in passenger traffic and revenue during the pandemic era. "With the eventualities of the pandemic starting to wane, the management implemented new operational strategies and financial restructuring to improve connectivity and general performance. Subsequently, the number of passengers increased from 24.7 lakh during FY 2020-21 to 47.59 lakh in FY 2021-22," a release said here.
The company made a turnover of Rs. 418.69 crore for FY 2021-22; registering an operating profit of Rs. 217.34 crore. The profit before tax is Rs 37.68 crore and net profit is Rs 26.13 crore.
In addition to that, CIAL Duty-Free and Retail Service Limited (CDRSL), a wholly owned subsidiary of CIAL have also increased its performance as its turnover increased from Rs.52.32 crore in FY 2020-21 to Rs. 150.59 crore in FY 2021-22.
CIAL said it is eying a total revenue target of Rs 675 crore for the current fiscal. The target worked out for CDRSL for the current financial year is Rs 270 crore.
Ministers P Rajeeve, K. Rajan, who are also directors of CIAL, Chief Secretary V P Joy, E K Bharat Bhushan, Aruna Sundararajan, M A Yusuff Ali, N V George, E M Babu, Managing Director S Suhas, Company Secretary Saji K. George participated in the board of directors meeting.
Despite the crisis, CIAL said it has successfully implemented many infrastructure development projects. 4.5 MW Arippara hydropower plant, 12 MWp Payyanur Solar power plant have been commissioned during this period. CIAL also started construction of the business jet terminal and completed ‘ Operation Pravah ’, the integrated flood mitigation project.
The company resumed the construction of the International cargo terminal.