PortsToronto Marks Ninth Consecutive Year of Profitability in 2016
Apr 27, 2017, 11:42 ET
TORONTO, April 27, 2017 /CNW/ - PortsToronto today released its 2016 Audited Financial Statements, marking the organization's ninth consecutive year of profitability and demonstrating PortsToronto's continued role as an investor in the infrastructure, community and economic performance of Toronto.
All four of PortsToronto's core business operations – Billy Bishop Toronto City Airport (Billy Bishop Airport), the Port of Toronto, the Outer Harbour Marina and Property and Other – were profitable in 2016, generating $59.7 million in overall revenue, an increase of 4.5 per cent from the $57.1 million reported in 2015. Net income was up in 2016 to $6.7 million from $5.9 million in 2015.
Billy Bishop Airport continued to see ongoing success in 2016 serving 2.7 million passengers which is consistent with the airport's managed growth strategy to ensure balance on the waterfront. Billy Bishop Airport generated revenue of $47.4 million, which included $20.8 million in revenue from Airport Improvement Fees. The Port of Toronto experienced another strong year facilitating the delivery of 1.9 million tonnes of cargo directly into the heart of the city. The port and its activities reported operating income from all sources of $1.2 million, down from $1.5 million the year prior. The Outer Harbour Marina's 2016 operating income remained at $1.2 million on revenues of $3.9 million, while Property and Other reported operating income of $0.9 million on revenues of $1.9 million.
"The year 2016 can be best described as a year of collaboration and performance, with a focus on the future to ensure the continued success of our operations," said Geoffrey Wilson, CEO of PortsToronto. "As a financially self-sufficient organization that does not receive public funding, we are very proud of our financial record and are pleased to report our ninth consecutive year of profitability. Our business success enables PortsToronto to continue to invest in transportation infrastructure that benefits the city and make contributions within our community in areas of the environment and philanthropy. In 2017, we will continue to seek opportunities for reinvestment and work toward sustained financial profitability to benefit the communities we serve."
Since 2009, PortsToronto has invested more than $9 million in community investments and over $6 million was dedicated to environmental initiatives, including the removal of millions of pounds of debris from Toronto's Harbour to prevent flooding and the completion of phase two of a fish and wildlife habitat at the Leslie Street Spit. PortsToronto also continued to invest in measures that minimize the environmental impact of its businesses, such as choosing to power all business units with 100 per cent renewable energy from Bullfrog Power. These efforts are detailed in PortsToronto's 2016 Sustainability Report.
In 2016, PortsToronto also invested heavily in new infrastructure, the most significant investment being that of the Billy Bishop Airfield Rehabilitation Project which included the full reconstruction of runway 06-24 and runway 08-26 and the replacement of old runway lighting to energy-efficient LED, as well as the decommissioning of Runway 15‑33 and its conversion to a taxiway. The project also involved the completion of Canada's second Ground Run-up Enclosure facility in April 2017 to accommodate commercial aircraft at the airport and significantly reduce the acoustic impact of mandated engine run-ups on the surrounding community. These improvements will modernize the airport and ensure it continues to serve as an economic engine for the city and provide efficient service to the millions of passengers who travel through the airport each year.
Beyond PortsToronto's community and infrastructure investments, PortsToronto contributed $3.2 million in PILTs to the City of Toronto. PortsToronto also paid $3.5 million toward realty taxes and more than $3.3 million to the federal government for the gross revenue charge. When combined with PILTs, this resulted in a total contribution of $10.0 million that can be used to benefit taxpayers in Toronto and across the country.
PortsToronto will hold its Annual General Meeting on May 30, 2017, at the Fleck Dance Theatre in the Queen's Quay Terminal, 207 Queens Quay West, Toronto, Ontario. Detailed financial statements are available here.
About PortsToronto (http://www.portstoronto.com/)
For more than 100 years PortsToronto 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 welcomed more than 2.7 million passengers in 2016; 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 $9 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: Sarah Sutton, Senior Manager, Communications & Media Relations, PortsToronto, Cell: (647) 298-0544, E-mail: [email protected]
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