TORONTO, Sept. 16, 2011 /CNW/ - The Toronto Port Authority (TPA) closed
out 2010 with net income of $7.1 million, a five-fold increase over
2009, representing the third year in a row that it has operated at a
profit, President and CEO Geoffrey A. Wilson said today, at the TPA's
The number of passengers at the Billy Bishop Toronto City Airport
increased 40 per cent year over year, topping the million marks for the
first time. This translated into a 74 per cent increase in airport
revenue for 2010. In 2011, the TPA is expecting approximately 1.5
TPA Board Chairman Mark McQueen described the financial results as
indicative of the popularity of a downtown airport and tight cost
control, as TPA revenue has increased more than 50 per cent over the
past three years, but costs are up just 10 per cent.
"This level of profitability bodes well for the year to come," McQueen
said. "After we pay royalties to Ottawa and taxes to City Hall, every
profit dollar is reinvested in the business. This robust financial
picture allows us to make the investments that our passengers and
business partners want, invest in significant improvements for
neighbouring communities, and continue our commitment to environmental
In his remarks TPA President and CEO Geoffrey Wilson pointed to progress
the TPA made balancing the interests of the travelling public with
those of the neighbouring communities. A new ferry, the Marilyn Bell
I, an Environmental Assessment for the proposed pedestrian tunnel, and
a detailed plan to mitigate airport noise were all major milestones in
2010, Wilson said. In particular, Wilson pointed to the new airport
Community Liaison Committee, which follows best management practices in
community outreach and is designed to allow the TPA "to work with our
neighbours to find solutions together."
The TPA also made progress on the creation of a fish habitat in Tommy
Thompson Park, and made significant investments to upgrade airport
emergency and snow removal equipment.
McQueen noted that the TPA's fiscal accountability and operational
transparency were "second to none" among port authorities in Canada,
pointing to the quarterly publication of board expenditures and the
online availability of key correspondence about the TPA's interactions
with governments and other agencies.
In 2010 the TPA paid government agencies $3.1 million in the form of
royalties and Payments-in-lieu of Taxes (PILT).
The Outer Harbour Marina, which is currently undergoing a major upgrade,
saw its operating profit increase to $1.2 million, a slight increase
from 2009. The marina's summer occupancy rate grew to 96 per cent, up
from 90 per cent in 2009.
Traditional port maritime activity should begin to recover in 2011,
after continued softness in 2010 led to a slight operating loss of $0.5
million. The TPA is actively marketing the port as a construction
products staging hub for downtown development, as well as a key player
in the fresh food supply chain.
Detailed information about the TPA's 2010 operations are included in the
Annual Report, released today at the Annual General Meeting, and
available on-line at www.torontoport.com.
About the Toronto Port Authority
The Toronto Harbour Commissioners was continued as a port authority
under the name of the Toronto Port Authority as of June 8, 1999 under
the Canada Marine Act. It is a federal public authority providing
transportation, distribution, storage and container services to
businesses. The TPA owns and operates the Billy Bishop Toronto City
Airport, Marine Terminals 51 and 52, and the Outer Harbour Marina. The
TPA also provides regulatory controls and public works services to
enhance the safety and efficiency of marine navigation and aviation in
the port and harbour of Toronto.
Further information about the TPA is available at www.torontoport.com.
SOURCE Toronto Port Authority
For further information:
Media Contact: Suzanna Birchwood, 416 863 2036 (w)/416 317 6405 (m)