The Kerala Shipping and Inland Navigation Corporation (KSINC), which incurred a ₹98-lakh loss in 2018-19, has for the first time since its inception, recorded a profit of ₹1 crore in 2019-20, Additional Chief Secretary Viswas Mehta, Chairman of the Corporation, said on Thursday. The public sector undertaking focusses on water transportation.
The total revenue of the Corporation increased 45% from ₹13.21 crore last year and touched ₹19.17 crore in the last fiscal. Freight revenue went up from ₹4.57 crore to ₹6.91 crore. Passenger and water sport revenue increased from ₹3.05 crore to ₹4.52 crore. The revenue from Nefertiti, the luxury cruise vessel of the Corporation, went up from ₹69.84 lakh to ₹2.4 crore. Nefertiti could not meet its expected annual revenue due to the lockdown.
Expanding services
The Corporation is getting ready to expand its services to Odisha, Bihar and Lakshadweep. The governments there have signed agreements with the Corporation for various projects, including to build vessels to operate at Chilika lake in Odisha and the Kanika National Park in Bihar. Preparations are on to sign agreements with the governments of Maharashtra, Karnataka and Assam. A blueprint of an all-weather boat for the Lakshadweep Administration had been submitted for approval, said KSINC Managing Director Prasanth Nair.
He added that the Corporation had targeted a revenue of ₹100 crore in the current financial year. The Corporation has taken up the Malabar-Malanad river cruise circuit (₹4.69 crore), Ashtamudi lake circuit (₹2.37 crore), Kumarakam water sports, Changanassery water sports, Kodimatha water sports (all three at ₹83 lakh each), Kappil Priyadarshini Club water sports (₹93 lakh) and other projects of the Tourism Department.
The Corporation is also awaiting government sanction to build a floating boat jetty for the Inland Water Transport Department. The blueprint of an ammonia barge for FACT is also being drawn up. The agreement process for barges and solar boats for the company is in its last leg. The KSINC, which runs the Fort Kochi-Vypeen roll-on roll-off (ro-ro)vessel service for the Kochi Corporation, has also inked an agreement with the Inland Waterways Authority of India to run two ro-ro services to carry freight.