Trivandrum: Cochin International Airport Limited (CIAL) has registered a profit (before tax) of Rs. 37.68 crores for FY 2021-22 after having incurred a loss of Rs. 87.21 crores during FY 2020-21. The board of directors met at Thiruvananthapuram today and also decided to hold the Annual General Meeting of shareholders on September 26, 2022.
Giving indications of a prosperous future, the company has come back from a situation where it incurred a loss of Rs. 87.21 crores in the FY 2020-21 against a turnover of Rs. 252.71 crores. CIAL, which used to handle around 10 million passengers annually, had to witness 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. The company made a turnover of Rs. 418.69 Cr. for FY 2021-22; registering an operating profit of Rs. 217.34 Cr. The profit before tax is Rs. 37.68 and the net profit is Rs.26.13 Cr.
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 Cr. in FY 2020-21 to Rs. 150.59 Cr in FY 2021-22. The company is eying a total revenues target of Rs. 675 Cr. for the current fiscal. The target worked out for CDRSL for the current financial year is Rs. 270 Cr.
The board of directors meeting was held with the Chief Minister, Shri Pinarayi Vijayan at the chair. Shri P Rajeev and Shri K Rajan (Ministers as well as Directors of the Company); 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 and Company Secretary, Saji K George were also present.
Despite the crisis, CIAL has successfully implemented many infrastructure development projects. CIAL also started construction of the business jet terminal and completed an integrated flood mitigation project. The company resumed the construction of the International cargo terminal.
Kerala Biz News