Cochin International Airport Ltd (CIAL), the country's first privately funded airport, has posted a net profit of Rs 12.25 crore on a total turnover of Rs 55 crore for the year ended March 31, 2003. The net profit is after provision for deferred tax. | Saying that the profit before tax comes to around Rs 19 crore, CIAL managing director V J Kurian told Business Standard that the financial results of 2002-03 would be formally disclosed on December 29 at the company's ninth annual general meeting scheduled on December 29. |
| The AGM would be presided by Kerala chief minister A K Antony, who is also the CIAL chairman. |
| CIAL, which commenced commercial operations from June 10, 1999 has recorded losses during the first three years of its operations. |
| Emphasising that 2003-03 is the turnaround year for CIAL, a company official said that the loan swapping undertaken during the last 18 months has enabled CIAL to come out of the red in 2002-03. |
| Currently, the total loan outstanding is Rs. 52 crore towards HUDCO and Rs 70 crore towards other financial institutions. |
| Pointing out that the approved capital of CIAL is Rs 200 crore and the paid-up capital currently stands at Rs 148 crore, Kurian said that the balance Rs 52 crore is earmarked for HUDCO. |
| The HUDCO loan of Rs 52 crore would be converted into equity as soon the central government permission is received, he added. CIAL has around 12,000 shareholders, out of which 4,000 are non-resident Keralites (NRKs) who have contributed Rs 58 crore of the total share capital. |
| While the approved capital is Rs 200 crore, the paid-up capital currently stands at 148 crore. While the state government has chipped in Rs 52 crore, the other major shareholder is Dubai-based NRI businessman N V George, who has invested Rs 17.5 crore and is also one of the directors of CIAL. |
| A section of the shareholders are learnt to be against issuing shares to HUDCO at face value of Rs 10 per share. |
| Revealing that there has been a demand from the staff and officers to issue shares to them at par, Kurian said the Board might consider and approve this demand at the AGM next Monday. |
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