Business

Aviation Sector: Bangalore International Airport profit after tax falls 22.5 pct

Aviation Sector, Bangalore International Airport, Bangalore International Airport profit, user development fee, Kempegowda International AirportThe UDF for domestic passengers came down to Rs 100 from Rs 306, and to Rs 400 from Rs 1,226 for international passengers.

The Bangalore International Airport (BIAL) posted 22.5% year-on-year decline in profit after tax (PAT) to Rs 656 crore for the financial year 2018-19 due to lower user development fee (UDF). The airport operator had reported Rs 846 crore profit in FY18, according to the data available with the ministry of corporate affairs. While passenger footfall at Kempegowda International Airport (KIA) jumped 23.8% y-o-y in FY19, operating revenues were down 3% y-o-y to Rs 1,505 crore as Airport Economic Regulatory Authority (AERA) slashed UDF for domestic and international passengers by 67% in August 2018.

The UDF for domestic passengers came down to Rs 100 from Rs 306, and to Rs 400 from Rs 1,226 for international passengers. While GMR-owned Delhi International Airport reported Rs 112-crore loss for the year ended March 31, 2019 against PAT of Rs 38.3-crore in FY18 due to sharp reduction in aeronautical revenues, GVK’s Mumbai International Airport more than doubled its PAT to Rs 96 crore in FY19 on the back of higher passenger count. Delhi and Mumbai airports witnessed passenger traffic growth at 5.4% y-o-y and 1% y-o-y, respectively, in FY19.

India-born Canadian investor Prem Watsa-promoted Fairfax holds 54% stake in BIAL, while Siemens Project Ventures holds 20%. The Airports Authority of India and the Karnataka government hold 13% each. BIAL had a total debt of Rs 2,006 crore at the end of March 31, 2019. Currently, the Bengaluru airport is undergoing expansion with the construction of a second runway, a new terminal and an underground tunnel. The Rs 13,500-crore expansion project, expected to be completed by 2021, will increase passenger handling capacity to 65 million per annum.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close