YYZ Records Highest Pax Growth In A Decade

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The Greater Toronto Airports Authority has reported that pax volumes grew by 6.8% in 2014 to a total of 38.6 million. The figure represents the highest annual growth in the last 10 years and places YYZ as the 2nd busiest airport in North America in terms of international passengers.

"Our overall passenger volume growth of 2.5 million passengers in 2014 tells the story of Toronto Pearson as a major international airport. Last year, Toronto Pearson experienced the second highest growth rate among North America's large hub airports," said Howard Eng, CEO. "As we continue to grow, we are focused on delivering a premium passenger experience through enhanced retail and food amenities. We continue to work with the airlines and government agencies to move passengers as quickly and efficiently as possible."

During 2014, passenger activity in the international sector increased by 7.5%, transborder sector activity increased by 6.8%, and domestic sector activity increased by 6.3% over the prior year.

During 2014, when compared to 2013, air carriers serving YYZ increased service (on a net basis) on a total of 60 routes, representing either completely new service or an increased capacity on existing routes.

For the 12 months ended December 31, 2014, the GTAA reported total revenues of $1.2 billion, compared to $1.1 billion in 2013. Total operating expenses in 2014 were $732.3 million, compared to $713.2 million in 2013.

Earnings before interest and financing costs were $422.3 million and $397.7 million in 2014 and 2013, respectively. After accounting for interest and financing costs, which during 2014 included a one-time charge of $102.3 million related to the GTAA's purchase and cancellation of $399.3 million face value of its outstanding debt, the GTAA recorded net loss of $59.1 million in 2014. Excluding the one-time charge, the GTAA recorded net income of $43.3 million, compared to net income of $7 million in 2013.

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