Halifax Stanfield Geared For Future Growth
At its May 10 annual public meeting, Halifax International Airport Authority (HIAA) reflected on 2017 as a year of significant accomplishments, with the airport well positioned for future growth in 2018 and beyond.
“Last year was memorable for many reasons, with record-breaking passenger and cargo activity,” said Joyce Carter, HIAA president and CEO. “In addition to achieving these operational milestones, we invested $30 million in the maintenance and improvement of the airport’s infrastructure to augment safety and security, enhance the airport experience, support growth, and improve efficiency and productivity.”
In 2017, total revenues rose to $100.2 million. The dominant factors that accounted for this growth included an increase in passenger traffic, which helped drive continued growth in parking revenue, increased earnings from concessions, and improved commercial revenue. Expenses totalled $95.3 million in 2017. The increase was primarily driven by increased depreciation and higher ground lease rent.
Overall, revenues exceeded expenses in 2017 by $4.9 million. This is before accounting for the non-cash impact of HIAA’s defined benefit pension plan. These results are representative of the modest surplus that HIAA targets each year to provide for unanticipated economic or weather events. Under HIAA’s mandate, this surplus will be reinvested in airport operations and development to improve facilities and services.
Passenger numbers saw considerable growth in 2017, increasing 4.5% to a record 4,083,188 passengers served.
“For the first time in our airport’s history, we surpassed the four million passenger milestone, thanks to our airline partners and passengers,” said Carter. “We expect another record-breaking year in 2018, and remain committed to collaborating with airlines, industry and tourism agencies to support their mandates and achieve future growth.”
As part of HIAA’s 2017-2021 Strategic Plan, work will continue on evolving the airport into a Gateway to Canada. As airlines add newest generation aircraft to their fleets, Halifax Stanfield will be using its enviable position as the closest continental airport in North America to Europe to its advantage.
