Cochin International Airport reports Rs 72 cr Q1 loss, revenue at Rs 19 cr

Hit by travel restrictions due to Covid-19 spread, Cochin International Airport Ltd, the first airport in India to be built in a public private partnership, has incurred a loss of around Rs 72 crore in the first quarter of current financial year, the company said on Tuesday.

The company, however, registered a profit of Rs 204.05 crore for the financial year 2019-20, prompting the director board chaired by Chief Minister Pinarayi Vijayan to propose 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, 2020.

The holding company having 100 per cent shares in subsidiaries like Cochin Duty Free and Retail Services Ltd (CDRSL) registered a consolidated turn over of Rs 810.08 crore.

“The company incurred a loss of around Rs 72 crore in the first quarter of FY 2020-21 owing to the travel restrictions imposed globally due to the Covid-19 pandemic,” a company statement said.

CIAL alone registered a turn over of Rs 655.05 crore with a profit (after tax) of Rs 204.05 crore during FY 2019-20.

The profit was Rs 166.91 crore in FY 2018-19. The YoY growth of profit is 22.25 per cent.

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The consolidated profit (including that of subsidiaries) for the FY 2019-20 is Rs 226.23 crore, it said.

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

The company said it presumes that it can resume a good show in generating revenue once the travel restrictions end.

“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 crore against a revenue of Rs 19 crore,” it said.

The company said it 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 crore in the flood mitigation projects.