KOCHI: Making a strong comeback, the Cochin International Airport Limited (CIAL) has registered a profit (before tax) of Rs 37.68 crore for the financial year 2021-22. This is against a loss of Rs 87.21 crore incurred during 2020-21.The board of directors who met Chief Minister Pinarayi Vijayan at Thiruvananthapuram have decided to hold the general meeting of shareholders on September 26.
CIAL, which used to handle around 10 million passengers annually, had witnessed a huge drop both in passenger traffic and revenue during the pandemic period. “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 CIAL release said.
The company made a turnover of Rs 418.69 crore for FY 2021-22 against Rs 257.21 crore in 2020-21, registering an operating profit of Rs 217.34 crore. The profit before tax is Rs 37.68 crore and the 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 eyeing 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 and 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. The 4.5 MW Arippara hydropower plant and 12 MWp Payyanur solar power plant were commissioned during this period. CIAL also started construction of the business jet terminal and completed ‘Operation Pravah’, the integrated flood mitigation project. The company also resumed the construction of the international cargo terminal.
MOVING FORWARD DESPITE CRISIS
CIAL started construction of the business jet terminal and completed ‘Operation Pravah’, the flood mitigation project. The Arippara hydropower plant and Payyanur solar power plant were commissioned during this period