Billy Bishop Toronto City Airport and Eight-Year High for Port of Toronto Drive Strong Results for 2014
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TORONTO, May 19, 2015 /CNW/ - PortsToronto today released its 2014 Audited Financial Statements, marking the organization's seventh consecutive year of profitability and demonstrating PortsToronto's continued role as an investor in, and significant contributor to, the overall prosperity and growth of Toronto.
All three of PortsToronto's core business operations – Billy Bishop Toronto City Airport, the Port of Toronto and the Outer Harbour Marina – were profitable, resulting in an overall net income of $14.9 million for fiscal 2014, up nine per cent from the $13.7 million reported in 2013.
Billy Bishop Airport generated revenue of $39.6 million, including $18.7 million in Airport Improvement Fees, while the Port of Toronto recorded one of its strongest years in recent history due to increases in both the cargo business and cruise ship operations. More than two million tonnes of cargo from around the world were delivered directly into the heart of the city through the port last year. This represents an eight-year high for marine imports into the city, resulting in an operating net income from all sources of $1.2 million, a slight increase over the 2013 operating net income of $1.1 million. The Outer Harbour Marina's operating net income decreased slightly to $1.2 million from $1.4 million the year prior, largely due to the cooler summer Toronto experienced. However, PortsToronto continued to make important improvements to better serve the boaters at the marina, including the construction of a new convenience store at the marina.
"As a financially self-sufficient organization that does not receive public funding, we are proud of our ability to achieve and maintain profitability, which in turn enables us to continue to give back to our community and invest in the infrastructure and services our city needs to remain world-class and a great place to live, work and play," said Geoffrey Wilson, CEO of PortsToronto. "Since 2009, we've invested more than $6.7 million in community initiatives, charitable organizations and environmental programmes that benefit Toronto's waterfront, including the creation of a wetland area and fish habitat on the Leslie Street Split, as well as the removal of millions of pounds of debris from Toronto's Harbour. It is our sustained financial success that allows us to continue to make these important investments."
Over and above community and infrastructure investments, PortsToronto contributed more than $2.9 million in payments-in-lieu of taxes to the City of Toronto and over $2.4 million to the federal government for the gross revenue charge in 2014, a total of nearly $5.3 million that can be used to benefit taxpayers. A 2014 study conducted by InterVISTAS also found that Billy Bishop Toronto City Airport generated more than $2.1 billion in total annual economic output and contributed $640 million Gross Domestic Product (GDP) to Toronto, while supporting more than 6,500 total jobs, including 1,960 jobs directly associated with the airport.
"In addition to the role we play along the waterfront, PortsToronto is also a significant contributor of taxes and employment to the City, and to the overall growth of our local, provincial and national economies," said Mark McQueen, Chairman, PortsToronto. "Our port and airport operations are key facilitators of business travel, tourism and trade in our city and our strong financial performance has provided the means to invest in infrastructure improvements that are critical to Toronto's tourism, logistics, transportation and construction industries. The pedestrian tunnel at Billy Bishop Toronto City Airport is one such example of this investment and we look forward to opening this innovative piece of infrastructure in the coming weeks."
PortsToronto will hold its Annual General Meeting on June 23, 2015, at Harbourfront Centre in the Harbourfront Centre Theatre, 235 Queens Quay West, Toronto, Ontario. Detailed financial statements are available here.
About PortsToronto (http://www.portstoronto.com/)
For more than 100 years PortsToronto, (formerly the Toronto Port Authority), has worked with its partners at the federal, provincial and municipal levels to enhance the economic growth of the City of Toronto and the Greater Toronto Area. PortsToronto owns and operates Billy Bishop Toronto City Airport, which welcomes more than two million passengers each year; the Outer Harbour Marina, one of Canada's largest freshwater marinas; and, Terminals 51 and 52, which provide transportation, distribution, storage and container services to businesses at the Port of Toronto. PortsToronto is committed to fostering strong, healthy and sustainable communities and has invested more than $6.7 million since 2009 in charitable initiatives and environmental programs that benefit communities along Toronto's waterfront and beyond. PortsToronto operates in accordance with the Canada Marine Act and is guided by a nine-member board with representation from all three levels of government.
For further information: Media Contact: Erin Mikaluk, Senior Manager, Communications & Media Relations, PortsToronto, Tel: (416) 863-2065, Cell: (647) 298-0544, E-mail: email@example.com