Record Year for Profitability
TORONTO, May 24, 2012 /CNW/ - The Toronto Port Authority (TPA) released its 2011 financials today, reporting net income of $13.9 million, a 90% increase over fiscal 2010. This sets a new record for profitability since TPA was created in 1999, and represents the fourth consecutive year of profitable growth. The strong financial results are driven not only from the continued success of the Billy Bishop Toronto City Airport, but also from the other operations of the Port Authority.
"As a federal public authority we are proud of the work completed in 2011," said TPA Board Chairman Mark McQueen. "This strong financial performance allows us to continue to make investments in safety and infrastructure on behalf of our passengers and business partners." The construction of a Pedestrian Tunnel and new utility mains under the Western channel was announced on March 9, 2012. "The tunnel project is an example of what can be done for the good of our City. Not one penny of public money will be used to pay for it, with the funds coming from the existing $20.00 Airport Improvement Fee paid by departing passengers," added McQueen. All of the business operations of the Port Authority were profitable in 2011, with the Airport generating the greatest return and largest increase in profit, year over year. The Outer Harbour Marina and the traditional Port operation also experienced increased profits in 2011. Shipping activity at the Port has started to recover and the TPA continues to market its Port and Marine Terminals property as an important construction products staging hub for downtown development.
In addition to the Airport improvements, the Port Authority made significant infrastructure investments in the Outer Harbour Marina, installing new state-of-the-art floating docks, in Stage 1 of a three Stage major renovation and upgrade program. "Our Marina customers are very pleased with the new docks and the improvements we have made," said Geoffrey Wilson, TPA President & CEO. "For the TPA it's about building and operating quality infrastructure paired with the high levels of service we provide. We are also proud of our sponsorship of community events in 2011 and our charitable investments in the City. We were the lead sponsor in 2011 of Harbourfront Centre's summer events series and we have also been active in supporting programs for at-risk youth at our local community centre. The TPA also made progress on the creation of fish habitat wetlands in Tommy Thompson Park."
The TPA celebrated its 100 year anniversary in 2011 and launched the popular Sail-in-Cinema festival event. "Toronto is rediscovering its waterfront, and the TPA is proud to take a leading role with events like this to help people reconnect with their lovely harbour."
Airport passenger growth is expected to continue at Billy Bishop Airport in 2012, as passenger volumes are forecast to reach the 2 million mark. This is due in large part to fuller planes, additional destinations and departures from Porter Airlines, and the return of Air Canada in May 2011 on the Toronto-Montreal route.
As part of the commitments adopted from the Jacob's Noise Management Report, the TPA undertook a procurement process for the purchase and installation of an aircraft noise barrier opposite Stadium Road. The noise barrier was installed in April 2012 and will improve sound mitigation efforts along the waterfront. Significant investments continue to be made at the Airport to upgrade equipment and services including the expansion of emergency response capabilities with additional firefighting resources.
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.
For further information:
Media Contact: Janet MacDonald 416-863-2003