TORONTO, May 7, 2014 /CNW/ - The Greater Toronto Airports Authority (the
"GTAA") today reported its financial and operating results for the
three-month period ended March 31, 2014. The results show a
continuation of the improvement in aviation activity experienced in
2013. Passenger volumes continued to grow during the first quarter of
2014 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 busiest airport in terms of international
For the three months ended March 31, 2014, the GTAA reported total
revenues of $283.1 million, a $15.5 million improvement from the same
period in 2013. Total operating expenses were $192.8 million, a $15.2
million increase when compared to the first quarter of 2013. Much of
this increase in operating expenses was caused by the prolonged winter
weather that increased the cost of snow removal and utilities.
Earnings before interest and financing costs were $90.3 million for the
three-month period ended March 31, 2014. After accounting for interest
and financing costs, the GTAA recorded net loss of $6.4 million for the
first quarter ended March 31, 2014, compared to net loss of $7.8
million in the comparable 2013 period.
The GTAA is encouraged by the continued growth in non-aeronautical
revenue in the retail, and food and beverage sectors as part of a
longer term revitalization project. In 2013, 13 new food and beverage
locations were opened at Toronto Pearson. Additionally, 14 new luxury
boutique locations for Duty Free shopping were opened in 2013.
A total of 8.8 million passengers travelled through Toronto Pearson
International Airport in the first three months of 2014, a 4 per cent
increase compared to the same period in 2013. During the three-month
period ended March 31, 2014, passenger activity in the domestic sector
increased by 4.8 per cent, international sector by 4.4 per cent, and
transborder sector by 2.6 per cent, over the same period in 2013.
Increased growth in international traffic in the last six months
included new or increased direct service to Athens, Edinburgh, Venice,
Munich, Istanbul and Warsaw.
The GTAA's March 31, 2014 financial results are discussed in more detail
in the GTAA's Financial Statements and Management's Discussion and
Analysis, each for the quarter ended March 31, 2014, which are
available at www.torontopearson.com and on the Canadian Securities Administrators' website at www.sedar.com.
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
For further information:
Contact: GTAA Media Office (416) 776-3709