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Cochin International Airport has made a strong comeback from the impact of Covid on the aviation sector. After having incurred a loss of ₹87.21 crore during FY21, the company has registered a net profit of ₹26 core in FY22. Profit before tax was ₹37.68 crore during the period.
The company incurred a loss of ₹87.21 crore in FY20 against a turnover of ₹252.71 crore. 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 times.
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 to 47.59 lakh in FY22, from 24.7 lakh during FY21. The company made a turnover of ₹418.69 crore for FY22, registering an operating profit of ₹217.34 crore.
Eyeing ₹675 cr in revenue
In addition, CIAL Duty Free and Retail Service has also improved its performance with its turnover increasing from ₹52.32 crore in FY21 to ₹150.59 crore in FY 22. The company is eyeing a revenue of ₹675 crore for the current fiscal.
Despite the crisis, CIAL successfully executed many infrastructure development projects. This included 4.5 MW Arippara hydro power plant, 12 MWp Payyanur Solar power plant. CIAL also started construction of the business jet terminal and completed ‘Operation Pravah’ — the integrated flood mitigation project.
The company has also resumed construction of the international cargo terminal. Efforts to enhance connectivity have begun to bear fruit. Many airlines, including the country’s newest airline Akasa Air, have started services from CIAL. Several domestic airlines also started considering CIAL as a de facto hub for their international services. The company is targeting projects including the start of operations of a business jet terminal in the current financial year.
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