AIRPORT AUTHORITY ANNOUNCES ANNUAL PERFORMANCE
The Gander International Airport Authority (GIAA) released details of its 2014 financial performance at its Annual Public Meeting today.
The airport posted revenue of $9.4 Million and net operating income of $1.4 million, representing the airport authority’s 10th consecutive year of profit and the second best financial performance in its history. Revenue increased 13% over 2013.
“The airport made solid progress towards its goals 2014, and I am optimistic we can remain on an upward trajectory,” said GIAA President and CEO Reg Wright. “There will challenges and more severe tests en route, but we have a growing confidence in our ability to navigate the future.”
Passenger traffic at Gander grew 6% over 2013, marking the highest passenger totals at Gander since 1981.
“We are pleased with the continued growth in passenger patronage,” Mr. Wright said. “We hope new routes being added by Westjet and Provincial Airlines in 2015 will accelerate our growth. Clearly, thanks are due to the airlines offering a service to our airport and region.”
International widebody traffic grew 30% over 2013 levels, but remains below historic levels.
“There are niches of international aviation that will continue to make an important contribution to the airport, but overall this market will not resume any significant ascendency,” Mr. Wright said.
Over the last three years, the airport authority completed $15 million in capital works projects. In 2014, the airport completed phase I of its 150-acre business park. This development is part of the airport’s greater focus of reducing its dependence on volatile aviation business cycles. Non-aeronautical revenue – represented by parking, concessions/retail, ground transportation and land lease) grew $470,000 over the previous year. Non-aeronautical revenue now represents 39% of the airport’s total revenue.
Leveraging public investment to replace the airport’s aging air terminal building remains a key priority for the airport authority. A conceptual design was completed in 2014, and Chairperson Des Dillon said the authority will maintain a “steady drumbeat” to bring the $40 Million project to reality.
“A new, right-sized terminal is critical to the airport’s future and the region it is serves,” Mr. Dillon said. “If we are to build lasting success for Gander Airport, we require a facility appropriate for our current and projected needs.”
The full digital copy of the GIAA 2014 Annual Report can be viewed here.
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). The airport plays a key role in the economic and community development of the Central Newfoundland region. Gander International Airport offers scheduled and charter service from Air Canada, Provincial Airlines, Sunwing Airlines and Westjet.
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