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Cochin Port Trust looks to Rs 37 crore profit this year

The Cochin Port Trust appears all set to reach a net profit of Rs 37 crore this fiscal after two consecutive financial years that failed; the loss for the last fiscal was Rs 27.17 crore.

 The turnaround was, according to Dy Chairman AV Ramana, due to increased crude throughput by BPCL-Kochi Refinery coupled with the higher container traffic at the DP World operated International Container Transshipment Terminal.

Increased capacity utilization at the LNG terminal is expected to bring in more revenue.

 Cargo handling and container traffic registered growth. The port recorded 20 percent growth in cargo handling during April and August and Ramana pointed out that it was the highest among all the major ports.

As for the crude traffic, the port reached a 28 percent growth and it is attributed to 15 MMTPA that port handled helped by Integrated Refinery Expansion Project of BPCL. The Dy Chairman said that the full potential of the project will be realized from FY19 onwards with the POL traffic touching 17MMTPA.

 The container traffic also saw a 13 percent growth at five lakh TEUS and it will touch 5.5 lakh TEUS by the end of the current fiscal, Ramana said, adding that ICTT in August hosted more than 1,000 mainline vessels since its inception in 2011, connecting Kochi with international ports.

.Implementation of GST has actually helped increase throughput since Walayar Check Post has been removed permanently in compliance with the new tax regime that promoted free inter-state movement.

 The other two significant factors that will help growth, according to Goutam Gupta, Traffic Manager, are the LNG imports which are expected to go up to 2.5MMTPA in FY19 from the present 2 MTPA with the GAIL pipeline getting connected to Mangaluru by this year end and the cruise vessel calls.

Kochi is the major cruise vessel call port in India. Coasta Neoclassica of the Coasta Cruises, Italy on the cruise circuit between Mumbai and Male calls at Kochi either on the way to Male or on the return trip. Moreover, the new cruise terminal built at the cost of Rs 25 crore will be operational next year and it will be able to service large cruise vessels of 2000 passengers.



 


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