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Our Bureau

Kochi Dec. 21

The net profit of Cochin International Airport Ltd has grown by 26 per cent to Rs 46.81 crore (Rs 37.19 crore) for the fiscal 2007-08.

Addressing the 14th annual general meeting, the Chief Minister and Chairman of CIAL, Mr V.S. Achuthanandan, said that the continuing growth is a remarkable achievement given the slow-down in the global economy and the negative results posted by several companies worldwide.

He said that 61 per cent of the profits would be distributed back to the shareholders as dividend and the remaining 39 per cent would be used for the future growth of the airport. The total revenue of CIAL had grown by Rs 27 crore to Rs 138 crore during the same period. However, a large number of shareholders demanded the re-introduction of users’ fee, which they pointed out, was the principal driver of revenue in earlier times.

The airport, since its inception, had been charging a users fee of Rs 500 from all departing international passengers till January 2006, when it was removed. A section of the shareholders pointed out that the users fee had elevated it as the third fastest growing airport in the world, a position it had lost since the fee was waived.

More Stories on : Financial Performance | Airlines | Kerala

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