Treading a new path in the Indian aviation sector during the post-pandemic era, Cochin International Airport Limited (CIAL) has posted a net profit of ₹267.17 crore for FY23. The director board proposed a dividend of 35 per cent to the investors, which is the highest ever dividend offered by CIAL in its 25 years of operational history.

The board also decided to implement a development strategy accentuating its effort to increase the group turnover to ₹1,000 crore during the ongoing silver jubilee year.

The airport company had registered a loss of ₹85.10 crore for FY21 and made a strong comeback from the eventualities of the pandemic in FY22 as it registered a profit of ₹22.45 crore.

CIAL activated new revenue streams and major financial restructuring has been introduced. As a result, the consolidated financial performance of the group of companies increased, resulting in a record profit of ₹267.17 crore from the huge loss, a release said.

During FY23, CIAL alone registered a turnover of ₹770.90 crore against the previous year’s figure of ₹418.69 crore. The operating profit was ₹521.50 crore and the net profit was ₹267.17 crore. This also marks a record financial performance. CIAL handled 89.29 lakh passengers and 61,232 aircraft movements.

The Board has also approved the blueprint of future infrastructure development plan which envisages on-time completion of mega projects. The commissioning of a new import cargo terminal aiming to achieve an increase of cargo handling capacity by 150 per cent is planned in September.

It has also decided to commence four infrastructure development projects. These include laying the foundation stone for the 500 crore expansion work project of Terminal-3, commissioning of new cargo terminal, the beginning of city-side infrastructure projects; a transit accommodation facility at T2, a commercial zone near T3, and a tourism project at the CIAL Golf Course.

Related Topics
comment COMMENT NOW