Greater Toronto Airports Authority posts lower Q2 revenues

Canadian airport operator The Greater Toronto Airports Authority reported total revenues of CND 273.4m for the three months ended June 30, 2013 for a CND 4.7m decrease from the same period in 2012.

The decrease was due to the implementation of lower aeronautical fees on January 1, 2013, GTAA said.

For the six-month period ended June 30, 2013, the GTAA reported total revenues of CND 540.9m a CND 16.7m reduction from the same period in 2012. The decrease in revenues in 2013, as compared to 2012, was primarily attributable to the reduction in overall aeronautical fees implemented on January 1, 2013.

In 2013 the GTAA reduced overall aeronautical fees by approximately 10% from 2012 levels when measured as the average air carrier cost per enplaned passenger. The decrease is part of a three-year rate strategy of reducing aeronautical rates in 2013 and holding them at that level in 2014 and 2015.

This will make aeronautical rates at Toronto Pearson more competitive and provide air carriers with rate certainty to facilitate their longer-term planning of air services offered at Toronto Pearson, the authority said. The rate strategy is part of the GTAA´s overall strategic objective to position Toronto Pearson as North America´s premier gateway airport.

Total operating expenses were CND 355.6m, a CND 15.5 m increase when compared to the first half of 2012. Earnings before interest and financing costs were CND 185.3m for the six-month period. After accounting for interest and financing costs, the GTAA recorded net loss of CND 9.2m for the six months ended June 30, 2013, compared to net income of CND 10.5m in the comparable 2012 period.

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.

Find out more at www.torontopearson.com.

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One Comment

  1. Charles Yonkers says:

    Let’s clarify one pretty misleading point in this article, though the way it’s written it is technically correct, just for the general public, it’s very misleading. Toronto Pearson is far from the second largest airport in North America, in fact it doesn’t even break into the top 10. The way it’s written on transborder flights, it lumps those in with all long range international flights, which is misleading as it is located only 70 miles from the US border. Canada has about one tenth the population of the United States, and few Americans choose to vacation in the frigid north of Canada. On the other hand, a large amount of Canadians like to vacation in the US, as one would expect with places like Florida and California. Bottom line is that Toronto Pearson is an extremely inefficient airport, charging just about the highest fees in the world, I believe the third highest in the world according to a study released by the University of BC.
    Again, looking at Toronto Pearson in its entirety, the airport doesn’t even rank in the top 10 based on total traffic served; that is a much better representation of the actual role the Pearson airport plays in North America.
    Just making sure readers understand the metrics used in this article. Cheers!

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