TPA 2010 Net Income Rises Five-Fold
The Toronto Port Authority (TPA) closed out 2010 with net income of $7.1 million, a five-fold increase over 2009. This is the third year in a row that the TPA has operated at a profit, and is a record since the TPA was founded in 1999. TPA Board Chairman Mark McQueen described the results as indicative of the popularity of a downtown airport, tight cost control, and improved economic growth across the GTA region.
“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.” During the past 12 months, the TPA has paid government agencies $3.1 million in the form of royalties and Payments-in-lieu of Taxes (Pilts).
The Billy Bishop Airport and the Outer Harbour Marina both operated at a profit, with the airport generating an operating profit of $12.5 million, more than double the 2009 results. Growth is expected to continue at the Airport in 2011, as passenger volumes are expected to exceed 1.5 million, due in large part to Porter’s higher yields and additional destinations and also to Air Canada’s return in May 2011.
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 berthing 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.
In 2010, the TPA undertook an Environmental Assessment regarding the proposed pedestrian tunnel, and also continued efforts to erect noise barriers and assist with traffic mitigation. The TPA also made progress on the creation of a fish habitat wetlands in Tommy Thompson Park, and made significant investments to upgrade airport emergency and snow removal equipment.
“On behalf of the entire Board, I salute every member of the TPA team for the part each of them has played in helping the agency achieve this tremendous milestone,” added McQueen.
The 2010 financial statements are available here.
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 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.
Further information about the TPA is available at www.torontoport.com.
Media Contact: Suzanna Birchwood, 416 863 2036 (w)/416 317 6405 (m)