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
"We are a leader in the market space called network visibility solutions - it enables monitoring tools and Big Data analysis to access the data and be able to see the performance," explained Shay Morag, VP of Sales and Marketing at Niagara Networks, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...