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Toronto Port Authority 2012 Financial Results Show Solid Gains

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In newly released financial statements, the Toronto Port Authority (TPA) reports record net income of C$19.7 million for fiscal 2012. 

"The fundamentals of our businesses remain strong and each supports Toronto’s continued prosperity," said Geoffrey Wilson, the TPA’s 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 TPA’s business operations recorded gains in 2012, with the airport generating the greatest return and largest increase in income, year on year. The airport’s operating income, including airport improvement fees (AIF), was C$24.1 million, up C$4.9 million from 2011. 

Also posting operating income increases were the Outer Harbour Marina (C$1.3 million versus C$1.2 million in 2011) and "traditional port operations" (C$1.4 million versus C$1.2 million). TPA reports shipping activity "has started to recover" and that it continues to market its port and marine terminals property as a staging hub for marine-borne construction products used in downtown developments.

Of its C$49.6 million of total revenue, the TPA paid C$2.4 million to the federal government in the form of gross revenue charge and C$2.1 million to the City of Toronto in the form of payments in lieu of taxes. The TPA forwarded an additional C$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 C$250,000 to various Toronto-area neighborhood organizations, charities, community groups and arts organizations during 2012," said TPA Board Chairman Mark McQueen. "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."  

Furthermore, he noted: "Since 2009, Billy Bishop Toronto City Airport (BBTCA) passengers have paid an aggregate of C$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.
 

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