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Last Updated Saturday June 16 2018 03:23 PM IST

CIAL Nedumbassery will not issue more shares. Here's why

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CIAL Cochin International Airport Limited will not issue more shares according to the statement issued by the Kerala Chief Minister: File photo

Kochi: Kerala chief minister Pinarayi Vijayan said there was no move to sell shares of the Cochin International Airport Limited (CIAL) at Nedumbassery. There was no need for a public issue at this stage, he said at the annual general meeting of CIAL shareholders on Monday.

The shareholders will get 25 percent dividend for the financial year 2016-17, taking the total dividend to 203 percent.

The airport passenger traffic has increased by 15.06 percent to 89.4 lakh from a year earlier. Number of domestic passengers rose by 25.99 percent.

The CIAL recorded a profit of Rs 179.45 crore. Together with subsidiary Cochin Duty Free and Retail Services Limited, the airport earned Rs 669.09 crore.

The 4.3 kilometer road connecting the airport to the national highway has been developed into a four-lane road. CIAL’s installed solar capacity has been increased to 23.2 megawatt. The capacity of the solar plant is expected to increase to 40 megawatt by the end of the current financial year. A 5.9 megawatt plant over the canal on the southern side of the airport will be completed soon, the chief minister said.

Directors of the CIAL, including ministers V S Sunil Kumar and Mathew T Thomas, M A Yousuf Ali, N V George, E M Babu, K Roy Paul, A K Ramani, managing director V J Kurien, chief financial officer Sunil Chacko and company secretary Saji K George attended the meeting.

Read exclusive business news at: Onmanorama Business | ICICI Lombard IPO oversubscribed, SBI life opens tomorrow

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