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NEWS Last modified on May 4, 2017

Toronto Pearson enjoys a healthy first quarter 2017 rise in traffic and net income

It has been a good start to 2017 for Toronto Pearson International Airport with a healthy 7.4% first quarter upturn in passenger traffic and a 93% rise in net income.

A total of 10.6 million passengers passed through Toronto Pearson in Q1, operator Greater Toronto Airports Authority (GTAA) attributing the rise to increased frequencies on existing routes and aircraft capacity and the economic strength of the Greater Toronto Region.

The results certainly strengthened its status as Canada's largest airport and North America's second busiest airport in terms of international passengers.

"Toronto Pearson's strong performance in the first quarter of this year, particularly with regard to our significant increases in total and international passengers, is testament to our growing status as a vital connector of people and businesses," says Howard Eng, president and CEO, GTAA. 
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"Even as we recognise these achievements, it is important to note that there is a lot more work to be done to realise the benefits of the strong passenger growth and to ensure that Canada continues to grow its global connections."

"The GTAA has planted the seeds for future sustainable growth – both for the airport and for the communities it serves," continued Eng. 

"Our vision for a regional transit centre, supported by our provincial government and our local mayors, will reduce congestion on our roads and take the airport to the next level in terms of passenger numbers, bringing even greater economic benefits to Southern Ontario."

During the three months ended March 31, 2017, the GTAA reported total revenues of C$320.2 million, representing an increase of C$16.5 million from the same period in 2016.

The continued growth in revenues was a reflection of strong passenger growth.  
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Total expenses reported during the first quarter of 2017 were C$312.5 million, representing an increase of C$12.8 million over 2016.    

During the first three months of 2017, the GTAA continued to invest in initiatives to improve the passenger experience.  

Earnings before interest and financing costs during the three-month period ended March 31, 2017 were C$90.6 million, representing an increase of 0.2% over the same period of 2016.  

Excluding a 2017 one-time provision, adjusted earnings before interest and financing costs increased 3.2% for the three-month period ended March 31, 2017.  

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