Welcome!

News Feed Item

GTAA reports 2013 results

TORONTO, March 19, 2014 /CNW/ - The Greater Toronto Airports Authority (the "GTAA") today reported its financial and operating results for the fiscal year ended December 31, 2013. The results show a continuation of the improvement in aviation activity results experienced in 2012. Passenger volumes continued to grow during 2013 reflecting both the economic strength of the Greater Toronto Region, and the role of Toronto Pearson as Canada's largest airport and North America's second largest airport in terms of international passengers.

For the twelve months ended December 31, 2013, the GTAA reported total revenues of $1.1 billion. Total operating expenses in 2013 were $719.8 million, which included $157.8 million in ground rent and payments-in-lieu of real property taxes. Earnings before interest and financing costs were $397.7 million. After accounting for interest and financing costs, the GTAA recorded net income of $7 million, compared to net income of $13.5 million in 2012. Net income is reinvested in the Airport for new initiatives to improve Airport operations and customer service, to fund capital projects or to repay existing debt.

During the three-month period ended December 31, 2013, the GTAA recorded a net loss of $14 million, compared to a net loss of $31 million during the same period in 2012. Due to seasonal patterns in air traffic and operating expenses, expenses typically exceed revenues in the fourth quarter of each year.

In 2013, the GTAA reduced overall aeronautical fees by approximately 10 per cent from 2012 when measured as the average air carrier's cost per enplaned passenger. This 2013 fee reduction was announced as a three-year rate freeze, holding aeronautical rates constant from 2013 through 2015. This provides air carriers with greater rate certainty to facilitate their longer-term planning of air services offered at Toronto Pearson. The GTAA's 2013 aeronautical rates and charges are approximately 30 per cent lower than those charged in 2007, when measured as the average air carrier's cost per enplaned passenger.

A total of 36.1 million passengers travelled through the Airport in 2013, a 3.4 per cent increase compared to 2012. Passenger activity in the domestic sector increased by 5.4 per cent as compared to 2012. Transborder passenger activity increased by 4 per cent in 2013 as compared to 2012. International passenger activity also increased over the prior year, growing by 0.7 per cent in 2013. During 2013, when compared to 2012, air carriers serving Toronto Pearson increased service (on a net basis) on a total of nine routes, representing either completely new service or an increase in capacity on existing routes.

The GTAA's 2013 financial results are discussed in more detail in the Financial Statements of the GTAA for the years ended December 31, 2013 and 2012 and Management's Discussion and Analysis for the year ended December 31, 2013, which are available at www.torontopearson.com and on the Canadian Securities Administrators' website at www.sedar.com.

This news release contains certain forward-looking information, including statements regarding holding aeronautical rates constant from 2013 through 2015; providing air carriers with rate certainty; the delivery of continued improvements to customer service; the offering of greater flight frequencies to existing markets; and the increase of access to more global destinations. This forward-looking information is based on a variety of assumptions and is subject to risks and uncertainties. Please refer to the section titled "Caution Regarding Forward-Looking Information" contained in the GTAA's Management's Discussion and Analysis for the period ended December 31, 2013 for a discussion of such risks and uncertainties and the factors and assumptions related to the forward-looking information.

The GTAA is the operator of Toronto Pearson International Airport, the largest airport in Canada, the second largest airport in North America in terms of international traffic (international and transborder) and one of the largest airports in North America in terms of total passenger and air cargo traffic.

SOURCE Greater Toronto Airports Authority

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
In his session at 20th Cloud Expo, Chris Carter, CEO of Approyo, will discuss the basic set up and solution for an SAP solution in the cloud and what it means to the viability of your company. Chris Carter is CEO of Approyo. He works with business around the globe, to assist them in their journey to the usage of Big Data in the forms of Hadoop (Cloudera and Hortonwork's) and SAP HANA. At Approyo, we support firms who are looking for knowledge to grow through current business process, where even ...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products and services around this fundamentally unique approach to delivering complete software release management solutions. With a combination of Addteq's services and our extensive list of partners,...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...