Toronto (September 16, 2011) – The Toronto Port Authority (TPA) closed out 2010 with net income of $7.1 million, a five-fold increase over 2009, representing the third year in a row that it has operated at a profit, President and CEO Geoffrey A. Wilson said today, at the TPA’s Annual Meeting.
The number of passengers at the Billy Bishop Toronto City Airport increased 40 per cent year over year, topping the million mark for the first time. This translated into a 74 per cent increase in airport revenue for 2010. In 2011, the TPA is expecting approximately 1.5 million passengers.
TPA Board Chairman Mark McQueen described the financial results as indicative of the popularity of a downtown airport and tight cost control, as TPA revenue has increased more than 50 per cent over the past three years, but costs are up just 10 per cent.
“This level of profitability bodes well for the year to come,” McQueen said. “After we pay royalties to Ottawa and taxes to City Hall, every profit dollar is reinvested in the business. This robust financial picture allows us to make the investments that our passengers and business partners want, invest in significant improvements for neighbouring communities, and continue our commitment to environmental sustainability.”
In his remarks TPA President and CEO Geoffrey Wilson pointed to progress the TPA made balancing the interests of the travelling public with those of the neighbouring communities. A new ferry, the Marilyn Bell I, an Environmental Assessment for the proposed pedestrian tunnel, and a detailed plan to mitigate airport noise were all major milestones in 2010, Wilson said. In particular, Wilson pointed to the new airport Community Liaison Committee, which follows best management practices in community outreach and is designed to allow the TPA “to work with our neighbours to find solutions together.”
The TPA also made progress on the creation of a fish habitat in Tommy Thompson Park, and made significant investments to upgrade airport emergency and snow removal equipment.
McQueen noted that the TPA’s fiscal accountability and operational transparency were “second to none” among port authorities in Canada, pointing to the quarterly publication of board expenditures and the online availability of key correspondence about the TPA’s interactions with governments and other agencies.
In 2010 the TPA paid government agencies $3.1 million in the form of royalties and Payments-in-lieu of Taxes (PILT).
The Outer Harbour Marina, which is currently undergoing a major upgrade, saw its operating profit increase to $1.2 million, a slight increase from 2009. The marina’s summer occupancy rate grew to 96 per cent, up from 90 per cent in 2009.
Traditional port maritime activity should begin to recover in 2011, after continued softness in 2010 led to a slight operating loss of $0.5 million. The TPA is actively marketing the port as a construction products staging hub for downtown development, as well as a key player in the fresh food supply chain.
Detailed information about the TPA’s 2010 operations are included in the Annual Report
, released today at the Annual General Meeting, and available on-line at www.torontoport.com
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.
Media Contact: Suzanna Birchwood, 416 863 2036 (w)/416 317 6405 (m)