GTAA reports 2012 second quarter results

TORONTO, Aug. 8, 2012 /CNW/ - The Greater Toronto Airports Authority (the "GTAA") today reported its financial and operating results for the three- and six-month periods ending June 30, 2012.  The second quarter of 2012 saw a continuation of the strong operating and financial results experienced in 2011 and first quarter of 2012.

For the six-month period ended June 30, 2012, the GTAA reported total revenues of $558.6 million, essentially unchanged from the same period in 2011.  Total operating expenses were $340.1 million, a reduction of $5.8 million when compared to the first half of 2011.  Earnings before interest and financing costs were $218.5 million for the period, compared to $212.9 million in the first half of 2011.  After accounting for interest and financing costs, the GTAA recorded a net income of $10.5 million for the six months ended June 30, 2012, compared to a net loss of $29.6 million in the same 2011 period. The primary reasons for the improvement over the prior year was the one-time charge relating to the redemption of Series 2008-2 Medium Term Notes recorded in March 2011 and a reduction in operating expenses when compared to the same 2011 period.

For the three months ended June 30, 2012, the GTAA reported total revenues of $278.6 million, a $4.1 million decrease from the same period in 2011 due to the implementation of lower aeronautical fees on January 1, 2012.  Total operating expenses were $166.0 million, a $5.2 million reduction when compared to the second quarter of 2011.  Earnings before interest and financing costs were $112.6 million for the three-month period compared to $111.5 million in the second quarter of 2011.  After accounting for interest and financing costs, the GTAA recorded net income of $10.4 million for the second quarter ended June 30, 2012, compared to a net income of $5.8 million in the comparable 2011 period.

A total of 17.0 million passengers travelled through Toronto Pearson International Airport in the first six months of 2012, a 4.5 per cent increase compared to the same period in 2011.   Passenger growth occurred across all sectors, with increases in domestic, transborder and international passenger activity of 4.1 per cent, 3.3 per cent, and 5.9 per cent, respectively, when compared to the six-month period ended June 30, 2011.

The June 30, 2012 financial results of the GTAA are discussed in more detail in the Financial Statements of the GTAA for the period ended June 30, 2012 and Management's Discussion and Analysis for the quarter ended June 30, 2012, which are available at www.torontopearson.com and on the Canadian Securities Administrators' website at www.sedar.com.

The GTAA's vision statement - "Toronto Pearson will be North America's premier portal to a world of possibilities" and mission statement - "Together, we will attract, serve, and delight our customers by consistently delivering value through innovative products and services" guide the GTAA's corporate activities and ensure a focus on providing quality aviation facilities and services for air carriers, passengers and other users of Toronto Pearson.

The GTAA is the operator of Toronto Pearson International Airport, the largest airport in Canada, the second largest airport in North America in terms of international traffic (international and transborder) and one of the largest airports in North America in terms of total passenger and air cargo traffic.  In 2011, 33.4 million passengers travelled through Toronto Pearson

SOURCE: Greater Toronto Airports Authority

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