A.B. Won Pat International Airport Authority, Guam

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GIAA FY2019 Audit: Up 5.7% in Passenger Activity and Increase in Net Position

Friday, May 1, 2020

Independent Auditor Ernst & Young presented the results of the Fiscal Year (FY) 2019 Financial Statements of the A. B. Won Pat International Airport Authority, Guam (GIAA) to the Board of Directors during a Regular Board meeting held April 23, 2020.

Key financial and operational performance indicators for FY2019 cited in the Audit report include:

  • A 5.7% increase in total passenger movements from 3.4M passengers in FY 2018 up to 3.6M in FY 2019
  • A 10% increase in aircraft payload, from 3.06M lbs in FY 2019 up to 3.4M lbs in FY 2020
  • An 11.5% increase in capital improvement investment, as the 3rd floor International Arrivals Corridor and other CIP projects move toward completion.
  • A decrease of 4.1% in Total liabilities, as the Authority continued to pay down its current and long-term liabilities.
  • A slight increase of 1.2% in Net position, from $ 281.5M to 284.8 M in FY 2019
  • A ranking of 10th position in the “Top US ports of Entry for International Arrivals” as reported by National Travel and Tourism Office, US department of Commerce Authority in June 2019.

"We pushed hard and invested in our capital improvement projects to enhance the safety, security and efficiency of Guam’s Airport, and gained headway in completion of our projects, most notably, the $122M International Arrivals Corridor.  At the end of the fiscal year, the Airport was able to meet its financial obligations with a debt service coverage of 1.66, over the required 1.25 coverage in relation to net revenues vs. annual debt service," stated Mr. Thomas C. Ada, GIAA Executive Manager.  "The way forward in managing our finances and meeting our obligations for FY 2020, with considerable impact to our passenger activity and revenue generation as a result of COVID-19 is a challenge we will overcome with fiscal prudence and seeking grants and funding for capital improvement projects and federal entitlements.  We will go after every dollar to foster the best business environment for airlines and tenants to service the people of Guam,"  Mr. Ada concluded.