KOCHI: The Cochin International Airport Ltd (CIAL), the holding company that operates Kochi airport, has registered a staggering Rs 72 crore loss in the first quarter of 2020-21 against a revenue of Rs 19 crore.
The Kochi airport was handling around 240 aircraft movements and 30,000 passengers daily during the pre-pandemic period which has declined to 36 services and 2300 passengers, triggering a huge fall in revenue and profit.
CIAL has hugely invested in installation of safety equipment and health surveillance system at the airport to ensure the safety of passengers and officials. It has also invested Rs 129 crore on flood mitigation projects. The director board expressed hope that the situation will improve once the travel restrictions end.
"The airport had been generating an income of Rs 50 crore a month before the travel restrictions were imposed. The operating expense per month is Rs 28 crore. Now the income has declined to around Rs 4 crore a month and expenses have increased," said airport director ACK Nair.
CIAL had registered a profit of Rs 204.05 crore for the financial year 2019-20. The holding company, which has 100 per cent shares in subsidiaries like Cochin Duty Free and Retail Services Ltd (CDRSL), registered a consolidated turnover of Rs. 810.08 crore.
CIAL alone registered a turnover of Rs 655.05 crore with a profit after tax of Rs 204.05 crore in 2019-20. The profit was Rs 166.91 crore in 2018-19. The year on year growth of profit stood at 22.25 per cent. The consolidated profit (including that of subsidiaries) for the FY 2019-20 is Rs 226.23 crore.
The director board chaired by Chief Minister Pinarayi Vijayan has proposed a dividend of 27 per cent which has to be endorsed by the Annual General Meeting of shareholders slated to be held on September 5. CIAL has been giving dividends since FY 2003-04 and total dividend pay-out will touch 282 per cent this financial year, subject to the endorsement of the AGM. CIAL has around 19,500 shareholders from 30 countries.
Ministers Thomas Isaac, V S Sunil Kumar, directors K Roy Paul, Ramany A K, M A Yusuff Ali, C V Jacob, N V George, E M Babu, CIAL Managing Director V J Kurian and Company Secretary Saji K George participated.