AIRPORT AUTHORITY ANNOUNCES ANNUAL PERFORMANCE

2015 financial results best in airport history

The Gander International Airport Authority (GIAA) released details of its 2015 financial performance at its Annual Public Meeting today.

The airport posted revenue of $10.7 Million and net operating income of $2.9 million, representing the best financial performance in the airport authority’s history and 11th consecutive year of profit. Revenue increased 14% over 2014.

“All of us with a stake in Gander International Airport share a common goal: to build lasting success for YQX,” said GIAA President and CEO Reg Wright. “In my view, 2015 was another step in what has become a steady march in the right direction.”

Passenger traffic at Gander grew 25% over 2014, marking the highest passenger totals at Gander since 1980 and the third most prolific year for passenger traffic in Gander’s history.

“New services and routes introduced by WestJet, Provincial Airlines and Sunwing last year, combined with continued high frequency service by Air Canada, meant more travel options, cheaper airfares and growth,” Mr. Wright said. “We extend our thanks the airlines servicing our region and also to all those passengers who made our airport part of their travel plans.”

Over the last four years, the airport authority completed $18 million in capital works projects. In 2015, the airport completed phase I of its 150-acre Business Park, undertook a significant renovation of the airline check-in counters, passenger facilities and baggage screening systems. The airport also opened a third 200-space long term parking lot.

The GIAA is forecasting that passenger traffic will plateau for the foreseeable future as the economy navigates strong fiscal headwinds.

“Our strategy has remained largely the same for the last decade,” stated GIAA Chairperson Des Dillon. “It is a simple approach: manage costs, exploit our competitive advantages and marshal opportunities for growth. We are working to diversify and thicken our revenue stream and insulate the airport from volatility. While the airport has enjoyed an upward trajectory of growth over the last number of years, our future is tempered by the reality of a listing provincial and national economy. Even lava eventually cools, and we need to maintain a prudent approach to operating the facility for the betterment of the region in the years to come.”

The full digital copy of the GIAA 2015 Annual Report can be viewed at http://www.ganderairport.com/wp-content/uploads/2016/05/GIAA-2015-Annual-Report.pdf

About Gander International Airport Authority

The Gander International Airport Authority is the not-for-profit organization created in 1996 to manage operations at Gander International Airport (CYQX). Gander International Airport offers scheduled and charter service from Air Canada, Provincial Airlines, Sunwing Airlines and WestJet.  The airport plays a key role in the economic and community development of the Central Newfoundland region. The airport’s economic contribution include 1,260 full-time jobs, $90 million in wages, $140 million in gross domestic product (GDP) and $240 million in economic impact.

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For further information, please contact: Reg Wright, President and CEO (709) 256-6668