CIAL logs a profit of Rs.124 crores, offers 18% dividend

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Trivandrum: Cochin International Airport Limited (CIAL), the company that built and operates the first Greenfield airport in the Public-Private-Partnership mode in the country, at Nedumbassery, near Kochi is set to soar new heights.

The company has posted a record profit (after tax) of Rs.124.42 crores during the 2013-14 fiscal which is up by 11.68 % that of last year. The CIAL board meeting, chaired by Chief Minister Shri Oommen Chandy has declared that the company’s net profit stood at Rs. 157.46 crores and total revenue at Rs. 361.39 crores.

Finance Minister, Shri K M Mani; Minister for Excise & Ports, Shri K Babu and CIAL Managing Director, V J Kurian IAS, were among those who were present in the board of directors meeting held today in Thiruvananthapuram.

Daring the oddity of setbacks in aviation sector in other parts of the country, CIAL increased its total revenue margin by 17.9 %. The total revenue of the company during last financial year was at Rs.306.5 crores with a profit after tax of Rs.111.41 crores. The board of directors recommended a dividend of 18 per cent. It was 17 % at last fiscal.

Owing to the success of company’s efforts of diversification, this year’s figure also shows that 44.8 percent of the revenue (Rs.161.99 crores) comes from non traffic sector. CIAL has been showing consistent growth since its inception and paying dividend unfailingly since 2003-04 and the total pay-out as dividend has reached 114 % as on 2012-13.

The company made two rights issues at par, in 2000 and 2006 offering one share for every share held by the shareholder. It also chalked out a mega management programme through which a revenue of Rs. 3,000 crores is envisaged in the next 10 years.

The airport has been showing consistent growth in both passenger traffic and cargo movement. It handled more than 5.3 million passengers in the last fiscal. As part of CIAL’s effort to provide international class service to passengers in a cost effective manner, it now embarked on an ambitious project of building a new international terminal at a cost of Rs. 850 crores; which is expected to be completed by February 2016.

Kerala Biz News

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