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A total of 36.1m. passengers travelled through Toronto Airport in 2013

For the twelve months ended December 31, 2013, the GTAA reported total revenues of $1.1 billion.

TORONTO – The Greater Toronto Airports Authority reported its financial and operating results for the fiscal year ended December 31, 2013. The results show a continuation of the improvement in aviation activity results experienced in 2012. Passenger volumes continued to grow during 2013 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 largest airport in terms of international passengers.

For the twelve months ended December 31, 2013, the GTAA reported total revenues of $1.1 billion. Total operating expenses in 2013 were $719.8 million, which included $157.8 million in ground rent and payments-in-lieu of real property taxes. Earnings before interest and financing costs were $397.7 million. After accounting for interest and financing costs, the GTAA recorded net income of $7 million, compared to net income of $13.5 million in 2012. Net income is reinvested in the Airport for new initiatives to improve Airport operations and customer service, to fund capital projects or to repay existing debt.

During the three-month period ended December 31, 2013, the GTAA recorded a net loss of $14 million, compared to a net loss of $31 million during the same period in 2012. Due to seasonal patterns in air traffic and operating expenses, expenses typically exceed revenues in the fourth quarter of each year.

In 2013, the GTAA reduced overall aeronautical fees by approximately 10 per cent from 2012 when measured as the average air carrier’s cost per enplaned passenger. This 2013 fee reduction was announced as a three-year rate freeze, holding aeronautical rates constant from 2013 through 2015. This provides air carriers with greater rate certainty to facilitate their longer-term planning of air services offered at Toronto Pearson. The GTAA’s 2013 aeronautical rates and charges are approximately 30 per cent lower than those charged in 2007, when measured as the average air carrier’s cost per enplaned passenger.

A total of 36.1 million passengers travelled through the Airport in 2013, a 3.4 per cent increase compared to 2012. Passenger activity in the domestic sector increased by 5.4 per cent as compared to 2012. Transborder passenger activity increased by 4 per cent in 2013 as compared to 2012. International passenger activity also increased over the prior year, growing by 0.7 per cent in 2013. During 2013, when compared to 2012, air carriers serving Toronto Pearson increased service (on a net basis) on a total of nine routes, representing either completely new service or an increase in capacity on existing routes.

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