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| Apr. 22/2009 |
Airport announces 2008 Performance |
The Gander International Airport Authority (GIAA) today released details of
its 2008 financial performance at its Annual General Meeting.
In 2008, Gander International Airport (CYQX) posted its best operating
results since accepting transfer of the airport from Transport Canada in
1996, with revenues of $6.7 million and a bottom line of $738,000. This
represented the airport authority’s fifth straight year of profit.
“This was a significant achievement given that 2008 represented the most
trying period in the aviation industry’s history,” said airport authority
President and CEO Gary Vey.
Revenue posted a 5% decrease over 2007 primarily due to decreased activity
in the international technical stop market in the last quarter of 2008.
However, the airport posted a 37% increase in domestic passenger movements.
On the expense side, the airport managed a 3% decrease in operating costs
over 2007.
“It is important that we not forget 2008 held many successes as well,” Mr.
Vey said. “On the domestic front, passenger traffic has enjoyed a
significant resurgence. We introduced scheduled cargo service to Europe and
planted the seed for something greater in the future. We established CYQX as
the first Carbon Neutral operation in the Americas, which, in due course,
will provide great benefit. We welcomed new customers and grew our share of
those traditional fuel stop niches which had room to grow. We also took
strides toward creating a more vibrant tourism industry in Central
Newfoundland.”
Like all business, significant challenges await the airport in 2009 as the
economy continues to sag, Mr. Vey added.
“We cannot be certain as to when the recessionary tide will turn. The task
before us is to ride out the storm and continue to plan for every
eventuality,” he said. “Establishing a viable international airport for the
benefit of the greater Central Newfoundland community has been at the heart
of all we have done. The airport is not there yet, but this journey is the
sum of a thousand small steps.”
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.
For further information, please contact:
Gary Vey, President and CEO
(709) 256-6668
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