The Gander International Airport Authority (GIAA) released details of its 2009 financial performance today at its
Annual General Meeting.
In 2009, Gander International Airport (CYQX) posted its best operating results since accepting transfer of the
airport from Transport Canada in 2001, with revenues of $6.52 million and a bottom line of $768,801. This
represented the airport authority’s sixth straight year of profit.
"Our performance was a significant achievement given that 2009 was a challenging time for the aviation industry,"
said airport authority President and CEO Gary Vey. "Despite this, 2009 held many successes as well. Passenger
traffic was down -4% but this was significantly better than the Atlantic Canadian airport average. We welcomed new
customers and grew our share of our traditional market. We also took strides toward helping create a more vibrant
tourism industry in Central Newfoundland."
Cost control remains central to the airport authority’s strategic direction, Mr. Vey added, noting that the
airport made "tough but necessary" decisions to restructure its workforce and shave over $1 million from the
airport’s operating cost.
Mr. Vey said that generating the cash from revenues to address pending capital works requirements remains a
challenge, but progress is being made.
"Back in 1996, we made a decision as a community to take operating ownership of our airport and try and shape a
sustainable future for Gander International Airport," he said. Critics and economic analysts said it couldn’t be
done, that the airport needed to be downsized to a small regional facility. Well, we are still here – a full
service, 24/7 international operation. We are into our sixth year of profit. We have no debt. We have some money in
the bank for emergency contingencies. We have great promise going forward and room to grow.
"Establishing a sustainable airport for the benefit of the Central Newfoundland community remains at the heart of
what we do, despite economic conditions beyond our grasp. We cannot direct the wind, but we can adjust the sails."
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
Gander International Airport Authority
(709) 256-6668
