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Last updated on April 19, 2014 at 13:20 EDT

GTAA reports 2012 third quarter results

November 7, 2012

TORONTO, Nov. 7, 2012 /CNW/ – The Greater Toronto Airports Authority
(the “GTAA”) today reported its financial and operating results for the
three- and nine-month periods ended September 30, 2012.  The third
quarter saw a continuation of the strong operating and financial
results experienced in 2011 and first half of 2012.

For the nine-month period ended September 30, 2012, the GTAA reported
total revenues of $869.7 million, a $3.2 million increase over the same
period in 2011.  Total operating expenses were $514.2 million a
reduction of $4.7 million when compared to the nine-month period ended
September 30, 2011.  Earnings before interest and financing costs were
$355.5 million for the period, compared to $347.7 million in 2011. 
After accounting for interest and financing costs, the GTAA recorded a
net income of $44.4 million for the nine months ended September 30,
2012, compared to a net loss of $0.9 million in the same 2011 period.
The primary reasons for the improvement over the prior year was the
one-time charge of $27.6 million relating to the redemption of Series
2008-2 Medium Term Notes recorded in March 2011, an improvement in
revenues and a reduction in operating expenses when compared to the
same 2011 period.

For the three months ended September 30, 2012, the GTAA reported total
revenues of $311.1 million, a $3.4 million increase from the same
period in 2011.  Total operating expenses were $174.0 million, a $1.2
million increase when compared to the third quarter of 2011.  Earnings
before interest and financing costs were $137.0 million for the
three-month period, as compared to $134.8 million in the third quarter
of 2011.  After accounting for interest and financing costs, the GTAA
recorded net income of $33.9 million for the third quarter ended
September 30, 2012, compared to a net income of $28.7 million in the
comparable 2011 period.

A total of 26.8 million passengers travelled through Toronto Pearson
International Airport during the nine months ended September 30, 2012,
a 4.2 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 3.8 per
cent, 4.3 per cent, and 4.5 per cent, respectively, when compared to
the nine-month period ended September 30, 2011.

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

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


Source: PR Newswire