Cochin International Airport post loss in Q1 on Covid pandemic

Our Bureau Kochi | Updated on August 11, 2020

CIAL was handling around 240 aircraft movements and 30,000 passengers daily during the pre-pandemic period

Global travel restrictions following the Covid-19 pandemic has dented the performance of Cochin International Airport Ltd in the first quarter of FY20-21. It incurred a loss of ₹72 crore during the quarter.

The aircraft and passenger movements has come down to 36 services and 2,300 passengers per day in the first quarter, triggering a huge fall in revenue. The first quarter revenue was ₹19 crore.

CIAL was handling around 240 aircraft movements and 30,000 passengers daily during the pre-pandemic period, a statement issued here said.

For 2019-20, the company has registered a profit of ₹204.05 crore. The holding company having 100 per cent shares in subsidiaries like Cochin Duty Free and Retail Services Ltd (CDRSL) also registered a consolidated turnover of ₹810.08 crore.

CIAL alone has registered a turnover of ₹655.05 crore with a profit (after tax) of 204.05 crore during FY 2019-20. The profit in the previous fiscal was ₹166.91 crore. The Y-o-Y growth of profit is 22.25 per cent. The consolidated profit (including that of subsidiaries) for the FY 2019-20 is ₹226.23 crore.

The director board chaired by the State Chief Minister Pinarayi Vijayan has proposed a dividend of 27 per cent which has to be endorsed by the annual general meeting of shareholders slated to be held on September 5.

CIAL has been giving dividend since FY 2003-04 and total dividend pay-out will touch 282 per cent with this financial year. The company has around 19,500 shareholders from 30 countries.

It has invested heavily in installing safety equipment and health surveillance systems to ensure safe travel both to passengers and crew during the pandemic period. It had also spend around ₹129 crore in the flood mitigation projects.

Published on August 11, 2020

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