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GTAA: Toronto Pearson sees continued strong passenger growth

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Written by editor

TORONTO, Canada – The Greater Toronto Airports Authority (GTAA) today reported its financial and operating results for the three- and six-month periods ended June 30, 2015.

TORONTO, Canada – The Greater Toronto Airports Authority (GTAA) today reported its financial and operating results for the three- and six-month periods ended June 30, 2015. Passenger volumes continued to grow during the second quarter of 2015 reflecting both the economic strength of the Greater Toronto Region, and the role of Toronto Pearson as Canada’s largest airport and North America’s second busiest airport in terms of international passengers.

“We continue to promote the impressive passenger growth Toronto Pearson is experiencing by enhancing our operational capacity and delivering new services,” said Howard Eng, President and CEO of the GTAA. “Our growth came as a result of increased passenger numbers in all passenger categories, with particularly strong growth in the international sector. Together with the 380 plus organizations operating out of Toronto Pearson, we continue to focus on making our airport the best airport in the world.”

A total of 19.7 million passengers travelled through Toronto Pearson International Airport in the first six months of 2015, a 7.0 per cent increase compared to the same period in 2014. During the six-month period ended June 30, 2015, passenger activity in the international sector (which includes transborder) increased by 8.2 per cent and the domestic sector by 5.0 per cent, over the same period in 2014.

Toronto Pearson welcomed four new air carriers to the airport during the first six months of 2015. These were TAM, AeroMéxico, SkyGreece and KF Cargo.

In addition, Pier A at Terminal 3 officially opened on June 9, 2015. Pier A was restored and upgraded to meet operational requirements and five bridged gates, four commuter aircraft parking positions and five new retail and food and beverage locations were added.

During the quarter ended June 30, 2015, the Series 2005-1 Medium Term Notes with a face value of $350 million matured and was repaid on June 1, 2015 primarily from reserve funds and cash flow from operations.

For the three- and six-month periods ended June 30, 2015, the GTAA reported total revenues of $292.2 million and $577.5 million, representing improvements of $9.4 million and $16.0 million from the same periods in 2014, respectively. The continued growth in non-aeronautical revenue in the retail and food and beverage sectors reflects the success of the GTAA’s commercial redevelopment program. In addition to the 19 retail and food and beverage locations opened in 2014, 13 new retail and food and beverage locations have opened at Toronto Pearson in the first half of 2015.

Total operating expenses during the quarter ended June 30, 2015 were $179.3 million, a $5.7 million increase when compared to the second quarter of 2014. During the first half of 2015, total operating expenses were $375.2 million, a $13.2 million increase when compared to the first half of 2014. Since the second quarter 2014, the GTAA has further enhanced the customer experience by providing free use of baggage carts to passengers and by investing in preventative maintenance and additional airport security. Earnings before interest and financing costs were $112.9 million and $202.3 million for the three- and six-month periods ended June 30, 2015, respectively. After accounting for interest and financing costs, the GTAA recorded net income of $22.1 million for the second quarter and $20.9 million for the first half of 2015, compared to net losses of $66.6 million and $73.0 million in the comparable 2014 periods, respectively.

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 and one of the largest airports in North America in terms of total passenger and air cargo traffic.