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
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
"NetApp is known as a data management leader but we do a lot more than just data management on-prem with the data centers of our customers. We're also big in the hybrid cloud," explained Wes Talbert, Principal Architect at NetApp, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We're focused on how to get some of the attributes that you would expect from an Amazon, Azure, Google, and doing that on-prem. We believe today that you can actually get those types of things done with certain architectures available in the market today," explained Steve Conner, VP of Sales at Cloudistics, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...