PortsToronto Marks Tenth Consecutive Year of Profitability in 2017

Toronto (May 10, 2018) – PortsToronto today released its 2017 Audited Financial Statements, marking the organization’s tenth consecutive year of profitability. All of PortsToronto’s core business operations – Billy Bishop Toronto City Airport (Billy Bishop Airport), the Port of Toronto, the Outer Harbour Marina and Property and Other (real estate) – were profitable in 2017, generating $60.8 million in overall revenue with net income (excluding the gain on the sale of the 30 Bay Street/60 Harbour Street Property) of $6.4 million.
Billy Bishop Airport continued to see ongoing success in 2017 serving 2.8 million passengers, which is consistent with the airport’s managed growth strategy to ensure balance on the waterfront. Billy Bishop Airport generated revenue of $48.4 million in 2017 including $21.0 million in revenue from Airport Improvement Fees (AIF). There were $13.0 million of AIF related expenses in 2017.
The Port of Toronto experienced another strong year facilitating the delivery of approximately 2.2 million metric tonnes of cargo into the port. Although the port had its most successful year in more than a decade in terms of tonnage, it reported operating income from all sources of $0.6 million, down from $1.2 million the year prior due to several non-routine maintenance and repair items that resulted in a decrease in net income. With the addition of new international business at the port, including film production leases at PortsToronto’s port property, it is expected that there will be an increase to profitability going forward.
The Outer Harbour Marina’s operating income increased to $1.5 million on revenues of $4.2 million. Property and Other reported operating income of $0.6 million on revenues of $1.0 million.
“The year 2017 was significant for PortsToronto in terms of profitability, infrastructure investment and unique business opportunities. The sale of the 30 Bay property ensured the long-term viability of PortsToronto, which is mandated to be financially self-sufficient by the Canada Marine Act, and all of our business units reported strong returns. We also had the best shipping year in more than a decade, welcomed a record number of cruise ships to the port’s Cruise Ship Terminal, opened Canada’s second Ground Run-Up Enclosure (GRE) as part of our noise management efforts, and celebrated winning a series of passenger-driven awards for the service provided by Billy Bishop Airport,” said Geoffrey Wilson, CEO of PortsToronto. “Our continued profitability is a source of pride as it enables our organization to continue to invest in key infrastructure, initiatives and improvements, as well as advancing our environmental program and supporting our community.”
Since 2009, PortsToronto has invested more than $10 million into community organizations and environmental initiatives, including the removal of millions of pounds of debris from Toronto’s Harbour to prevent flooding and the completion of phase two of a fish and wildlife habitat at the Leslie Street Spit. PortsToronto also continued to invest in measures that minimize the environmental impact of its businesses, such as choosing to power all business units with 100 per cent renewable energy from Bullfrog Power. These efforts are detailed in PortsToronto’s 2017 Sustainability Report.
Beyond PortsToronto’s community and infrastructure investments, PortsToronto contributed $3.3 million in Payments in Lieu of Taxes (PILTs) to the City of Toronto. PortsToronto also paid $3.0 million toward realty taxes and more than $3.0 million to the federal government for the gross revenue charge. When combined with PILTs, this resulted in a total contribution of $9.3 million that can be used to benefit taxpayers in Toronto and across the country.
PortsToronto will hold its Annual General Meeting at the Harbour Castle Westin Conference Centre at Bay and Queen’s Quay on Thursday, June 14, 2018, at 9:30 a.m. in the Metro East Ballroom.
About PortsToronto (https://www.portstoronto.com)
For more than 100 years, PortsToronto has worked with its partners at the federal, provincial and municipal levels to enhance the economic growth of the City of Toronto and the Greater Toronto Area. PortsToronto owns and operates Billy Bishop Toronto City Airport, which welcomed 2.8 million passengers in 2017; the Outer Harbour Marina, one of Canada's largest freshwater marinas; and, Marine Terminal 52, which provides transportation, distribution, storage and container services to businesses at the Port of Toronto. PortsToronto is committed to fostering strong, healthy and sustainable communities and has invested more than $10 million since 2009 in charitable initiatives and environmental programs that benefit communities along Toronto's waterfront and beyond. PortsToronto operates in accordance with the Canada Marine Act and is guided by a nine-member board with representation from all three levels of government.
Media Contact:
Jen Brailsford, Communications Officer
Tel: (416) 863-2016
Cell: (647) 298-0585
E-mail: jbrailsford@portstoronto.com