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CIAL posts a profit of Rs.204 Cr. in FY 2019-20

Cochin International Airport Ltd (CIAL) registered a profit of Rs. 204.05 Cr for the FY 2019-20. The holding company having 100% shares in subsidiaries like Cochin Duty Free and Retail Services Ltd (CDRSL) registered a consolidated turn over of Rs. 810.08 Cr. Meanwhile, the company incurred a loss of around Rs.72 Cr.in the first quarter of FY 2020-21 owing to the travel restrictions imposed globally due to the covid-19 pandemic.

CIAL alone registered a turn over of Rs.655.05 Cr with a profit (after tax) of Rs. 204.05 Cr during FY 2019-20. The profit was Rs.166.91 Cr in FY 2018-19 . The YoY growth of profit is 22.25 %.  The consolidated profit (including that of subsidiaries) for the FY 2019-20 is Rs.226.23 Cr. The director board chaired by the Chief Minister Sri. Pinarayi Vijayan has proposed a dividend of 27 % which has to be endorsed by the Annual General Meeting of shareholders slated to be held on 5th September 2020. CIAL has been giving dividend since FY 2003-04 and total dividend pay-out will touch 282 % with this financial year, subject to the endorsement of AGM. CIAL has around 19500 shareholders from 30 coutries.

 CIAL was handling around 240 aircraft movements and 30,000 passengers daily during the pre-pandemic period which came down to 36 services and 2300 passengers now, triggering a huge fall in revenue and profit.  The first quarter of FY 2020-21 forced the company to suffer a loss of Rs.72 Cr against a revenue of Rs. 19 Cr.

 CIAL has hugely invested in installing safety equipment and health surveillance systems to ensure safe travel both to passengers and crews during the period of the pandemic. It also spends around Rs.129 Cr. in the flood mitigation projects. The company presumes that it can resume a good show in generating revenue once the travel restrictions end.  The director board was chaired by Chief Minister Sri.Pinarayi Vijayan. Directors including Minister Dr.Thomas Isaac, Minister Adv. V.S.Sunil Kumar, K..Roy Paul, Ramany A.K, M.A. Yusuff Ali, C.V.Jacob, N.V.George, E.M.Babu, CIAL Managing Director V.J.Kurian, Company Secretary Saji K.George participated. 

 

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