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After Covid-19 last year, Cochin International has performed well in Fy22

The 28th annual report of Cochin International Airport has been announced for the financial year ended March 31, 2022. The company, this year, performed better compared to last year. As per the consolidated financial statements, in the financial year ended March 31, 2022, the net profit of the company was Rs. 35 crore, as against a Rs. 92 crore net loss in the previous financial year. The revenue of the company increased 77%, to Rs. 524 crore, compared to Rs. 296 crore in FY21. The total expenses of the company increased by 13%, to Rs. 476 crore in FY22 as against Rs. 420 crore. The PBT of the company was Rs. 49 crore in FY22 as against a Rs. 123 crore loss in the previous year. The net cash of the company increased by 46 crore for the financial year ended March 31, 2022.

Cochin International Airport Limited served 43 lakhs passengers during 2021 and became the third largest airport in the country. As the country resumes scheduled commercial international flights on March 27th March 2022, CIAL is set to see more traffic in both international and domestic destinations. As per the summer schedule which came into effect from 27th March 2022 and will be operational till 29th October 2022, CIAL has weekly 1,190 air traffic movements as against 848 during the previous winter schedule. CIAL’s summer schedule operates 20 airlines to destinations abroad, among which 16 are international carriers, operating 261 weekly departures.

In Fy22, the overall aircraft and passenger movements had increased by 60.06% & 92.66% respectively. After the second wave of Covid – 19 pandemic, the overall passenger movement had increased consistently from June 2021 to December 2021. However, the spread of Omicron variant in the third wave of the Covid – 19 pandemic, led to an additional turbulence to the aviation industry, which resulted into the decrease in passenger traffic in CIAL in the months of January & February 2022.

During the month of March 2022, CIAL showed an increase in passenger and aircraft movements, and the management hoped that the same positive trend would continue in the months to come.

Currently, the economic crisis in Sri Lanka has led Colombo Airport to an almost zero fuel situation. Aircraft which had planned to refuel from Colombo need a nearby alternate airport for technical stopover for refuelling and proceed flying further onto the destination. This has emerged as a new business opportunity for Cochin International Airport from 29th June 2022, and many airlines like Srilankan Airlines, Jazeera Airways, Air Arabia and Etihad etc. have requested for the technical stopover and started fuel uplift from Cochin International Airport.

The Company is mainly involved in constructing, setting up, developing, managing, operating, and maintaining an airport of international standards with all new age facilities for domestic and International flights and all other related activities such as cargo operation, duty free operations and incidental and ancillary activities to the above. Cochin International Airport is one of the few airports in the country where all the aircraft parking bays are equipped with hydrant fuelling systems.

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