The Greater Toronto Airports Authority’s (GTAA) passenger activity increased by 6.2 per cent during 2017 compared to 2016.
GTAA reported the figures in its financial and operating results for the fiscal year ending 31 December 2017.
The operator of Toronto Pearson International Airport said growth reflects increased capacity of aircraft and new international routes, the economic strength of the Greater Toronto Region, and the role of Toronto Pearson as Canada’s largest airport and North America’s second busiest airport in terms of international passengers.
A total of 47.1 million passengers travelled through Toronto Pearson during 2017, an increase of 2.8 million passengers over 2016.
GTAA said additional frequencies on existing routes, upgauging of average aircraft size on existing frequencies, and the addition of new routes by existing air carriers drove passenger growth in 2017. Toronto Pearson has 63 air carriers providing flights to 184 international cities, up from 176 in 2016.
GTAA president and chief executive officer, Howard Eng said: “Our investment in passenger and baggage flows, and customer service are delivering positive results. Nowhere is this more evident than in our strong 8 per cent growth of international passengers from 27.4 million in 2016 to 29.6 million in 2017, driving overall passenger growth of 6.2 per cent.
“For 2017, Toronto Pearson was recognised by Airports Council International as the number one airport in North America for passenger satisfaction for airports that service greater than 40 million passengers annually based on achieving an Airport Service Quality (ASQ) score of 4.31.
“As we look ahead to 2018 and beyond, buoyant air travel demand in the region will only increase our already significant contribution to Ontario’s and Canada’s GDP attracting global businesses and tourism.
“Going forward, the GTAA will continue to work with industry, government and the communities it serves to maximise the benefits that aviation brings to the region, the province and the country at large.”
GTAA recorded net income of $112.1 million during 2017 compared to $85.5 million in 2016, a rise of 31.2 per cent. Total revenues were $1.4 billion, representing an increase of $84.6 million over 2016.
Earnings before interest and financing costs and amortization (EBITDA) during 2017 were $703.8 million, representing an increase of 4.2 per cent over 2016. Earnings before interest and financing costs during 2017 were $439.2 million, representing an increase of three per cent over 2016.