CAAN earns Rs 3.49 billion in profit in fiscal year 2022/23

KATHMANDU, Jan 02:The Civil Aviation Authority of Nepal (CAAN), the country's aviation regulating authority, made a profit of 3.5 billion rupees.

The CAAN released a profit of 3.49 billion rupees in the fiscal year 2022/23.

The government formed the Civil Aviation Authority of Nepal (CAAN) 25 years ago after abolishing the former Aviation Department. Director General Pradeep Adhikari announced last year's net operational profit after subtracting all expenses at the CAAN's 25th anniversary program.

According to the CAAN, last year, the aeronautical sector earned 11.72 billion rupees and the non-aeronautical sector 1.78 billion rupees.

Similarly, 15.82 billion rupees were spent last year. Capital spending was 7.44 billion, operating spending was 4.22 billion, and income tax and other spending was 4.15 billion.

According to the director general, since the founding of the CAAN, air flights have climbed by 192 percent, passengers by 364 percent, and cargo by 100 percent.

In the last decade and a half, the CAAN's income has climbed 15 times. The CAAN's income in 2000/01 was 91.84 million rupees, and it will be 13.51 billion rupees in 2022/23.

According to the CAAN, by the end of 2023, the number of airports has reached 55 including three international and 52 domestic. The number of international air passengers at Tribhuvan International Airport and Gautam Buddha International Airport was 41,54,393.  by November 2023. This figure was 29,45,540 in 2022.

According to the CAAN, the number of international passengers has risen by 41.04 percent. The total had reached 77,94,217 by November 2023. This represents an increase of 37.48 percent. By November of last year, there had been 56,68,941 travelers.