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TheStreet Open House

GTAA Reports 2012 Third Quarter Results

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



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