Toronto Port Authority 2012 Financial Results Show Solid Gains

TORONTO, June 18, 2013 /CNW/ - The Toronto Port Authority (TPA) released its 2012 financials today reporting net income of $19.7 million for fiscal 2012, a record for the organization. The strong financial performance reflects the continued success of TPA's business operations.

"The fundamentals of our businesses remain strong and each supports Toronto's continued prosperity," said Geoffrey Wilson, TPA President and CEO. "TPA's sound financial position will allow us to reinvest in our operations and make further infrastructure improvements that support our customers and build healthier communities."

All of TPA's business operations showed positive gains in 2012, with the Airport generating the greatest return and largest increase in income, year over year. The airport's operating income, including Airport Improvement Fees (AIF), was $24.1 million up $4.9 million over the previous year.

The Outer Harbour Marina and traditional Port operations also saw increased operating income in 2012. Income for the marina was $1.3 million compared to $1.2 million in the previous year, while Port operations reported income of $1.4 million in fiscal 2012 versus $1.2 million in fiscal 2011. Shipping activity at the Port has started to recover and TPA continues to market its Port and Marine Terminals property as a staging hub for marine-borne construction products used in downtown developments.

Of the TPA's $49.6 million of total revenue, the agency paid $2.4 million to the Federal government in the form of Gross Revenue Charge and $2.1 million to the City of Toronto in the form of Payments in Lieu of Taxes.  The TPA forwarded an additional $1.7 million to the City of Toronto in the form of property taxes on behalf of its airport and commercial tenants. 

"The TPA is on a solid financial footing, which provided the means for the agency to donate over $250,000 to various Toronto-area neighbourhood organizations, charities, community groups and arts organizations during 2012.  The eventual development of our 30 Bay Street site as an office tower will provide the TPA with a predictable, long term revenue stream to balance out the more cyclical nature of our Port operations," said Mark McQueen, TPA Board Chairman.  "Since 2009, Billy Bishop Toronto City Airport (BBTCA) passengers have paid an aggregate of $47.4 million in airport improvement fees, which are being reinvested in Airport Capital projects as well as being used for ongoing construction of the privately-financed pedestrian tunnel project."

In 2012, TPA began work on the pedestrian tunnel to BBTCA and made significant infrastructure investments in its facilities. These improvements included the final phase of installation of new state-of-the-art floating docks at the Outer Harbour Marina and a noise barrier at the southwest seawall of the Airport.

About the Toronto Port Authority (www.torontoport.com)

The Toronto Port Authority (TPA) owns and operates Billy Bishop Toronto City Airport, the Port of Toronto (Terminals 51 and 52), and Toronto's Outer Harbour Marina. In addition to moving more than two million passengers through the airport in 2012, the Port Authority provides transportation, distribution, storage and container services to businesses at the Port, and owns and operates Toronto's largest freshwater marina. The Toronto Port Authority was incorporated on June 8, 1999 as a government business enterprise under the Canada Marine Act as the successor to the Toronto Harbour Commissioners.

SOURCE: Toronto Port Authority

Pamela McDonald, Director, Communications and Public Affairs [phone] or [phone] (mobile), [email protected]