TORONTO, May 7, 2013 /CNW/ - The Greater Toronto Airports Authority (the "GTAA") today reported its financial and operating results for the three-month period ending March 31, 2013. The first quarter of 2013 saw a continuation of the improving operating results experienced in 2012.
For the three months ended March 31, 2013, the GTAA reported total revenues of $267.5 million, a $12.1 million reduction from the same period in 2012. This decrease was primarily attributable to a reduction of approximately 10 per cent in overall 2013 aeronautical fees compared to 2012 overall aeronautical fees, when measured as the average air carrier cost per enplaned passenger. Total operating expenses were $177.6 million, a $3.4 million increase when compared to the first quarter of 2012. Earnings before interest and financing costs were $90 million for the three-month period. After accounting for interest and financing costs, the GTAA recorded net loss of $7.8 million for the first quarter ended March 31, 2013, compared to a net income of $0.2 million in the comparable 2012 period.
A total of 8.4 million passengers travelled through Toronto Pearson International Airport in the first three months of 2013, a 1.1 per cent increase compared to the same period in 2012. During the three-month period ended March 31, 2013, passenger activity in the domestic and transborder sectors increased by 3.2 per cent and 6.8 per cent, respectively, over the same period in 2012. Passenger activity in the international sector decreased by 5.2 per cent during the first quarter of 2013, when compared to same period in 2012, as certain international services were discontinued during 2012.
Effective January 1, 2013, the GTAA implemented its aeronautical fees for 2013 (February 1, 2013 in the case of the apron fee and April 1, 2013 in the case of the check-in fee). The combined impact of the aeronautical fee changes is a reduction of approximately 10 per cent in overall aeronautical fees compared to 2012 overall aeronautical fees, when measured as the average air carrier cost per enplaned passenger. The GTAA's continuing commitment to increase non-aeronautical revenues by providing amenities valued by the traveling public and managing operating expenses has contributed to the rate decreases that have been provided to air carriers in recent years and for 2013.
The GTAA's March 31, 2013 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, 2013, 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
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Contact: GTAA Media Office (416) 776-3709