KOCHI: The business jet terminal of Cochin International Airport Limited (CIAL), which is nearing completion, will be operational this year itself, said Chief Minister Pinarayi Vijayan. He was speaking at the 28th annual general meeting (AGM) of CIAL, held in Kochi on Monday. The CM joined the meeting online from Idukki.
Shareholders who met at the AGM also approved the board of directors’ recommendation to increase the authorised share capital of CIAL from `400 crore to `500 crore. “Aviation is one of the most affected industries after the outbreak of Covid. However, CIAL is among the few airports to earn a profit in the financial year (FY) 2021-22. The company earned a total revenue of `418.69 crore. Its operational profit was `217.34 crore, and the company secured a net profit of `26.13 crore after deducting depreciation and taxes,” said a CIAL release. Post-Covid, CIAL secured 80% of its traffic, which it used to witness during pre-Covid times. A growth of 92.66% in passenger footfall and 60.06% in air services were noted in the 2021-22 financial year.
Despite the crisis, CIAL secured the third position in the country in terms of international traffic and successfully implemented many infrastructure development projects. Construction of the business jet terminal near Terminal 2 is nearing completion. In the second phase, hotels and lounges for the short-term stay of passengers will also be constructed.