Date:21/12/2008 URL: http://www.thehindu.com/2008/12/21/stories/2008122158840300.htm

Kerala - Kochi

VS proposes nine-point action plan for growth of the airport

Staff Reporter

KOCHI: Chief Minister V.S. Achuthanandan said here on Saturday that the Cochin International Airport Limited (CIAL) would distribute 61 per cent of its profit for the 2007-08 fiscal as dividend among the shareholders at the rate of 8 per cent.

Briefing journalists after the 14th Annual General Meeting (AGM) of the CIAL, of which he is the chairman, Mr. Achuthanandan said this was significant at a time when even big companies were piling up losses owing to the global economic meltdown. The remaining 39 per cent would be used for future growth of the airport.

The CIAL’s total revenue during the period was over Rs. 138 crore, an increase of Rs. 27 crore from the last fiscal.

Increase in profit

The net profit for the same period increased from Rs. 37.190 crore to Rs. 46.813 crore.

Mr. Achuthanandan rolled out a nine-point action plan for the growth of the airport aimed at increasing its revenue five fold in five years and 10 fold in 10 years.

Developing the Kochi airport into a hub for international aviation activities and air cargo, encouraging overnight parking of aircraft by setting up more aprons, attracting more airline companies through promotional activities and extending the proposed Kochi metro rail project up to the airport are some of the objectives included in the action plan. Earlier, addressing the shareholders, the Chief Minister said a marketing and sales company is being formed to promote the airport at the national and international level.

He said the Centre for Perishable Cargo, which is expected to open in February, would be able to handle 30,000 tonnes of perishable cargo in a year.

The centre would enhance the income of the farmers, as it would enable them to explore more markets and get a fair price for their produce.

A management academy in association with a prominent university in the country offering courses in airport management is also on the anvil. The first batch to the academy will be admitted in the next academic year, he said.

Ministers S. Sarma and K. P. Rajendran, CIAL managing director, C.G. Krishnadas Nair, and other director board members attended the meet.