The Cochin International Airport Ltd has registered a 9 per cent increase in its net profit at Rs 111.41 crore in FY 13 against Rs 102.03 crore in the previous fiscal.
The company registered a turnover of Rs 306.50 crore against Rs 276 crore, a growth of 11 per cent compared to previous fiscal. It also declared a 17 per cent dividend, which was the highest in the CIAL’s declared dividends.
Addressing the 19th annual general body meeting recently, Chief Minister Oommen Chandy, who is also the Chairman of CIAL, said that the company as part of its efforts to expand business has plans to enter into the fray of airport operations in the country.
CIAL will consider participating in the bids invited by the Airports Authority of India for management, development and operation of airports in various parts of the country. He also emphasised on the new terminal coming up.
Chairman and Managing Director V.J. Kurien has been entrusted with the task of preparing the ground for CIAL to compete for bagging airport operations elsewhere in the country.
The meeting of also deferred its plans for a rights issue and it would take into consideration the opinion of all shareholders before taking a decision.
The proposal of CIAL to grant shares to the minority shareholders in 1:1 for minority shareholders (shareholders who have up to 2000 shares) and to other share holders 2000 shares irrespective of their holding, was opposed by the public sector undertakings such as HUDCO, Air India, IOB, SBT, BPCL etc. who wanted proportional rights issue.
The Chairman stated that these public sector undertakings would be taken into confidence and the matter would be sorted out amicably.
The Chief Minister also denied any move to dilute the stake holding of the state government in the airport and has said that this matter would be explained in an all party meeting to be scheduled soon.
Air Kerala project could not take wings due to the restrictions imposed by the present policy guidelines of the Civil Aviation Ministry. Even the Ministry has now considered that such restrictions are not very healthy for airline development.
Hence the State Government had requested the Ministry for making suitable modifications. If the proposals are accepted, Air Kerala could also take wings, the Chief Minister said.
In its efforts to achieve self-reliance in electricity supply, the company is expected to commission a 1 mw solar unit next month. More projects to generate power from wind and the sun will be taken up.
The company will also complete distribution of benefits to all families affected by the airport project. Work on the road from Athani Junction on NH 47 to the airport would be completed by 2014.
sajeevkumar.v@thehindu.co.in