The Hindu Business Line : CIAL to pay 8% maiden dividend

THE board of directors of Cochin International Airport Ltd (CIAL) has recommended a maiden dividend of eight per cent subject to the approval of the company's shareholders at its annual general meeting.

Announcing this after a meeting of the board of directors, the Kerala Chief Minister, Mr A.K. Antony, who is also the Chairman of the CIAL board, said the airport made a net profit of Rs 21.11 crore in the last fiscal, against Rs 12.55 crore in 2002-03. Expansion plans on the cards include the construction of a second terminal and improvement of the airport's facilities, he added. More airlines are also expected to start operations from the airport, he said.

The airport, has achieved a significant increase in passenger and traffic movements over the past few years, said Mr Antony. The number of passengers using the airport has gone up from 4.96 lakh in 1999-2000 to 13.33 lakh in the last fiscal, while the traffic has increased from 76 flights a week in July 1999 to 166 flights a week in May 2004.

Similarly, cargo operations, which commenced in December 2000, have grown in value terms from Rs 2.11 crore in 2001-02 to Rs 3.9 crore in the last financial year. Sales at the airport's duty-free outlet have also grown to Rs 8.96 crore (Rs 5.66 crore).

The first airport in the country outside the ambit of the Airports Authority of India, CIAL started commercial operations in 1999. The airport, with a paid-up capital of Rs 148 crore, has equity participation from the Government of Kerala, financial institutions and members of the public.