TORONTO, May 3, 2017 /CNW/ - The Greater Toronto Airports Authority (the "GTAA") today reported its financial and operating results for the three-month period ended March 31, 2017. Passenger activity and net income increased substantially at 7.4 per cent and 93.1 per cent, respectively, during the first quarter of 2017 as compared to the same period of 2016. This growth reflects increased frequencies on existing routes and aircraft capacity, the economic strength of the Greater Toronto Region, and the role of Toronto Pearson International Airport as Canada's largest airport and North America's second busiest airport in terms of international passengers.
"Toronto Pearson's strong performance in the first quarter of this year, particularly with regard to our significant increases in total and international passengers, is testament to our growing status as a vital connector of people and businesses," said Howard Eng, President and CEO, GTAA. "Even as we recognize these achievements, it is important to note that there is a lot more work to be done to realize the benefits of the strong passenger growth and to ensure that Canada continues to grow its global connections".
"The GTAA has planted the seeds for future sustainable growth—both for the airport and for the communities it serves," continued Mr. Eng. "Our vision for a regional transit centre, supported by our provincial government and our local mayors, will reduce congestion on our roads and take the airport to the next level in terms of passenger numbers, bringing even greater economic benefits to Southern Ontario."
In the first three months of 2017, Toronto Pearson experienced the largest ever first quarter increase in the number of total and international passengers. A total of 10.6 million passengers travelled through Toronto Pearson International Airport in the first three months of 2017, an increase of approximately 740,000 passengers over the same period in 2016. During the three-month period ended March 31, 2017, passenger activity in the international sector increased by approximately 620,000 passengers reflecting 9.6 per cent growth and the domestic sector increased by approximately 120,000 passengers reflecting 3.5 per cent growth over the same period in 2016.
The GTAA recorded net income of $7.7 million during the first quarter of 2017 compared to $4.0 million in the same period of 2016.
During the three months ended March 31, 2017, the GTAA reported total revenues of $320.2 million, representing an increase of $16.5 million from the same period in 2016. The continued growth in revenues was a reflection of strong passenger growth.
Total expenses reported during the first quarter of 2017 were $312.5 million, representing an increase of $12.8 million over 2016. During the first three months of 2017, the GTAA continued to invest in initiatives to improve the passenger experience.
Earnings before interest and financing costs during the three-month period ended March 31, 2017 were $90.6 million, representing an increase of 0.2 per cent over the same period of 2016. Excluding a 2017 one-time provision, adjusted earnings before interest and financing costs increased 3.2 per cent for the three-month period ended March 31, 2017.
The GTAA's March 31, 2016 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, 2017, 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.
SOURCE Greater Toronto Airports Authority
For further information: GTAA Media Office, (416) 776-3709; Twitter: @TorontoPearson