CIAL profit at Rs167 cr; Govt may get Rs35cr as dividend

KOCHI: Cochin International Airport Ltd (CIAL) has registered a net profit of Rs166.92 crore for 2018-19 compared with Rs155.99 crore the company reported for the previous year, representing 7 per cent growth, according to media reports.

A meeting of its board of directors chaired by Chief Minister Pinarayi Vijayan has proposed a dividend of 27 per cent to investors for 2018-19, a media report said citing a press communication issued by CIAL.

While the total dividend, once ratified, will amount to Rs103.29 crore, which will represent a 61.88 pay-out ratio (as a percentage of net profit for the year), the government being the largest shareholder with 32.41 per cent, will receive Rs34.57 crore as its dividend share for 2018-19.

Businessbenchmark.news hasn’t received a press note to this end nor has the report appreared on the website of CIAL yet. Again, according to reports, the company has said CIAL has generated a turnover of Rs650.34 crore for the period under review against Rs 553.41 crore in the previous year.

“The consolidated turnover achieved by CIAL and its fully owned subsidiaries like CIAL Duty free and Retails Services Ltd (CDRSL) stands at Rs807.36 crore this year against Rs 701.13 crore last year, according to published reports.

CIAL, one of the most successful private public partnership (PPP) projects in the state, where scores of wholly owned state public undertakings struggle to find their footing, has been paying dividend continuously from 2003-04 and with the last fiscal, the total dividend pay-out amount has reached 228 per cent of the share capital.

During the last fiscal, the Kerala government which holds a stake of 32.41 per cent in CIAL has been given Rs31 crore as dividend, according to the release.

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