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TORONTO, May 16, 2019 /CNW/ - PortsToronto today released its 2018 Audited Financial Statements, marking the organization's eleventh consecutive year of profitability. All of PortsToronto's core business operations – Billy Bishop Toronto City Airport, the Port of Toronto, the Outer Harbour Marina, and Property and Other (real estate) – were profitable in 2018, generating $60.0 million in overall revenue with net income of $3.5 million.
Billy Bishop Airport had another strong year in 2018 serving 2,807,208 passengers and generating revenue of $43.7 million, which included $17.6 million in revenue from Airport Improvement Fees (AIF). Although passenger numbers were up in 2018, AIF was down as a result of PortsToronto's decision to decrease the AIF charged to passengers from $20 to $15, put into effect on April 1, 2018. In 2018, there was $13.3 million spent on AIF-related initiatives and expenses.
The Port of Toronto experienced another record year facilitating the delivery of approximately 2.2 million metric tonnes of cargo into the heart of the city. The Port and its activities reported operating income from all sources of $3.6 million, up from $1.1 million the year prior due to higher cargo handling, storage and property revenues that resulted in an increase in net income.
The Outer Harbour Marina's operating income increased to $1.9 million on revenues of $4.5 million. Property and Other reported operating income of $0.2 million on revenues of $0.4 million, down from 2017 due to the sale of 60 Harbour Street and 30 Bay Street Properties in that year. Investment income was $2.3 million, up from $0.62 million the year prior.
"The year 2018 was another strong one for all of our businesses financially and operationally as we completed major projects such as the significant $35-million rehabilitation program to modernize the airfield infrastructure at Billy Bishop Airport and optimized our Marine Terminal operations by entering into new lease agreements, while still achieving another record-year in shipping with the movement of 2.2 million metric tonnes of cargo." said Geoffrey Wilson, Chief Executive Officer, PortsToronto. "As a financially self-sufficient organization, we are incredibly proud of our financial record as our continued profitability enables PortsToronto to make meaningful investments that serve the city of Toronto, fuel the economy, and keep people and goods moving."
Since 2009, PortsToronto has invested more than $11 million into community organizations and environmental initiatives including the removal of millions of pounds of debris from Toronto's Harbour to aid in the prevention of flooding and the creation of natural habitats to increase biodiversity at the Leslie Street Spit. In addition, PortsToronto continued to invest in measures that minimize the environmental impact of its businesses, such as renewing its agreement with Bullfrog Power Canada to power all of its operations with 100 per cent green electricity – the only airport and port in Canada to do so. These efforts in sustainability, among various others, are detailed in PortsToronto's 2018 Sustainability Report.
Beyond PortsToronto's community and infrastructure investments, PortsToronto contributed approximately $3.3 million in Payments in Lieu of Taxes (PILTs) to the City of Toronto in 2018, as well as paying $2.6 million toward realty taxes and $3.0 million to the federal government for the Gross Revenue Charge. This resulted in a total contribution of slightly under $9 million that can be used to benefit taxpayers in Toronto and across the country.
PortsToronto will hold its Annual General Meeting at the Harbour Castle Westin Conference Centre at Bay and Queens Quay on Friday, June 21, 2019, at 9:30 a.m. in the West Ballroom.
About PortsToronto (https://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 2.8 million passengers in 2018; the Outer Harbour Marina, one of Canada's largest freshwater marinas; and, Marine Terminal 52, which provides 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 $11 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: PortsToronto, Sarah Sutton, Manager, Communications and Government Relations, PortsToronto, Cell: (647) 298-0544, E-mail: [email protected]