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NEWS Last modified on March 24, 2016

Revenues up as traffic on the rise at Toronto Pearson International Airport

Toronto Pearson earned C$1.2 billion in revenues in 2015 as the gateway handled 41 million passengers (+6.4%), according to the Greater Toronto Airports Authority’s annual report.

It says that the continued growth in revenues was a reflection of large passenger growth over the last two years and the strong performance from the non-aeronautical commercial business.  

During 2015, it notes that the airport opened 21 new retail stores, restaurants and service openings, including twelve in Terminal 1 and nine in Terminal 3, which includes seven new openings in the newly renovated and reopened Pier A.  

Total operating expenses in 2015 were C$776.9 million, a C$45.1 million increase when compared to 2014.
During 2015, the GTAA continued to invest in preventative maintenance, additional airport security and improving the customer experience.  

Additional initial set-up costs were incurred when the GTAA took over the Deicing Operations in July 2015 from a third party service provider.    

Earnings before interest and financing costs were C$423.7 million and C$421.8 million in 2015 and 2014, respectively.  

After accounting for interest and financing costs, the GTAA recorded net income of C$65.9 million in 2015 versus a net loss of C$59.6 million in 2014.  

By excluding a one-time charge of C$102.3 million recorded in 2014 related to the GTAA's purchase and cancellation of C$399.3 million face value of its outstanding debt, the GTAA generated net income of C$42.7 million in 2014.  

It notes that net income is reinvested in the airport for new initiatives to improve Toronto Pearson’s operations and customer service, fund capital projects or repay existing debt.
It attributes the 2015 traffic upturn to “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 busiest airport in terms of international passengers”.

GTAA’s president and CEO, Howard Eng, adds: "Toronto Pearson served 41 million passengers in 2015, showing that there is continued demand for air travel in southern Ontario.  

“We have also seen continued growth in our role as a hub – more people are connecting through Toronto Pearson as part of their global travels.

"These higher passenger volumes show the need for increased support from government agency resourcing and technology to ensure a seamless airport experience."

During 2015, passenger activity in the international sector (which includes US transborder traffic) increased by 7.7% and domestic numbers increased by 4.4% over the previous year.

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