GTAA reports 2012 first quarter results
May 11, 2012, Toronto - The Greater Toronto Airports Authority today reported its financial and operating results for the three-month period ending March 31, 2012. The first quarter of 2012 saw a continuation of the strong operating and financial results experienced in 2011.
May 11, 2012 By Carey Fredericks
For the three months ended March 31, 2012, the GTAA reported total revenues of $280.1 million, a $3.9 million increase over the same period in 2011. Total operating expenses were $174.1 million, a $0.6 million reduction when compared to the first quarter of 2011. Earnings before interest and financing costs were$105.9 million for the three-month period. After accounting for interest and financing costs, the GTAA recorded net income of $0.2 million for the first quarter ended March 31, 2012, compared to a net loss of $35.4 million in the comparable 2011 period. The 2011 results included a one-time charge of $27.6 million due to the voluntary early retirement of certain GTAA debt.
A total of 8.3 million passengers travelled through Toronto Pearson International Airport in the first three months of 2012, a 5.6 per cent increase compared to the same period in 2011. Passenger growth occurred across all sectors, with increases in domestic, transborder and international passenger activity of 5.3 per cent, 4.0 per cent, and 7.2 per cent, respectively, when compared to the three-month period ended March 31, 2011.
The GTAA's 2012 aeronautical fees that were announced on September 28, 2011, became effective on January 1, 2012. The combined impact of certain changes to the 2012 aeronautical fees was an overall fee reduction of approximately 2.5 per cent in 2012 compared to the overall 2011 aeronautical fees. This fee decrease represented the fifth consecutive year that the GTAA has reduced or maintained aeronautical fees as part of its strategy to become more competitive on a cost basis.
The March 31, 2012 financial results of the GTAA are discussed in more detail in the Financial Statements of the GTAA for the period ended March 31, 2012and Management's Discussion and Analysis for the quarter ended March 31, 2012, which are available at www.torontopearson.com and on the Canadian Securities Administrators' website at www.sedar.com.
The GTAA's vision statement – "Toronto Pearson will be North America's premier portal to a world of possibilities" and mission statement – "Together, we will attract, serve, and delight our customers by consistently delivering value through innovative products and services" guide the GTAA's corporate activities and ensure a focus on providing quality aviation facilities and services for air carriers, passengers and other users of Toronto Pearson.