Toronto port sees growth in 2010

TORONTO: The Toronto Port Authority (TPA) ended 2010 with net income of $7.1 million, representing the third consecutive year it has operated at a profit, said TPA president and CEO Geoffrey Wilson at the port’s annual meeting September 16.

Traditional port maritime activity should begin to recover in 2011, after continued softness in 2010 led to a slight operating loss of $0.5 million.  The TPA said it’s marketing the port as a construction products staging hub for downtown development, as well as a key player in the fresh food supply chain.

The number of passengers at the Billy Bishop Toronto City Airport increased 40 percent year over year, topping the million mark for the first time. This translated into a 74-percent increase in airport revenue for 2010. In 2011, the TPA is expecting approximately 1.5 million passengers.

TPA board chairman Mark McQueen described the financial results as indicative of the popularity of a downtown airport and tight cost control, as TPA revenue has increased more than 50 percent over the past three years, but costs are up just 10 percent.

“This level of profitability bodes well for the year to come,” McQueen said. “This robust financial picture allows us to make the investments that our passengers and business partners want, invest in significant improvements for neighbouring communities, and continue our commitment to environmental sustainability.”

According to McQueen, the TPA’s fiscal accountability and operational transparency were “second to none” among port authorities in Canada, pointing to the quarterly publication of board expenditures and the online availability of key correspondence about the TPA’s interactions with governments and other agencies.