GANDER, NL – The Gander International Airport (CYQX) has reported its 13th consecutive year of profit.
At its May 15 AGM, the Gander International Airport Authority (GIAA) stated the airport generated $9.3 million in revenue and had a net operating income of $1.3 million.
With 177,532 passengers in 2017, passenger performance exceeded the previous year by three per cent, and a there was a noticeable increase in non-resident visitations during the tourism season.
According to the authority, it was the fourth busiest year for passenger traffic in the airport’s history.
GIAA President and CEO Reg Wright says this was accomplished during an economically-trying time. Tourism proved to be the biggest driver, he added.
“The combination of continued prestige and profile of the Fogo Island Inn, the phenomenon of (the Broadway play) Come From Away, it has created a lot of interest in central being a place to visit,” he said.
In addition, the low Canadian dollar against the America dollar, was a benefit.
“The low Canadian dollar certainly helped as well. It keeps Canadians travelling within Canada and it makes Canada more attractive for people abroad,” he explained.
Furthermore, the airport has completed nearly $3 million in capital works, including primary groundside access roads and airside rehabilitation. In the coming years, the Authority will focus on a $10 million full restoration of Runway 13/31, adjacent to the terminal and adjoining apron.
“It’s fairly sizable investment in infrastructure, if we can get this cleared it allows a lot of breathing room,” Wright said, adding, “That allows us to turn our attention to terminal renovations, which is another major renovation we need to look at as well.”
The airport’s business park continues to pull in revenue from new leases and non-aeronautical business. That money accounts for 47 per cent of the GIAA’s revenue, and is forecast to grow.
As Wright put it, the non-aeronautical revenue helps secure the airport’s future.
“It’s part of the bigger strategy. The Authority has reduced dependence on the aviation, which is notoriously volatile, to earn its money,” he said. “To that end, when we lease land, any revenue from that gets ploughed back into airport projects.
“It is something that is sturdy and dependable and it’s really sheltered from trends and shifts in the aviation industry.”
GIAA Chairperson Des Dillon is pleased with the direction.
“The future holds both challenge and opportunity, and we remain optimistic about our prospects,” said Dillon in a press release. “We will continue to work hard and work smart to build lasting success for YQX.”
About the GIAA
The Gander International Airport Authority is the not-for-profit organization created in 1996 to manage operations at Gander International Airport.
Gander International Airport offers scheduled and charter service from Air Canada, Provincial Airlines, Sunwing Airlines and WestJet.
The airport’s economic contribution to the Central Newfoundland region includes: 1,260 full-time jobs, $90 million in wages, $140 million in gross domestic product (GDP) and $240 million in economic impact.