Greater Toronto Airport Authority fights losses with airline stimulus package

Greater Toronto Airport Authority (GTAA), the not-for-profit organisation that is the operator of Toronto Pearson International Airport, the largest airport in Canada and one of the largest airports in North America in terms of passenger and air cargo traffic, has published its financial reports for the three and six month periods ending 30-Jun-09. EBITDA is in decline after a small increase in the last quarter of 2008. Conscious of its high charges the Authority has introduced a ‘stimulus package’ that rewards airlines for new routes or capacity increases. Meanwhile the nature of the competition Pearson airport faces is subtly changing. [1929 words]

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This report contains the following subheadings:

• Ground rent accounts for 28% of operating expenses
• Frequently criticised for high charges
• ‘Stimulus’ package produces results
• Young Turks
• Porter Airlines carries the fight to Air Canada and Pearson
• Pickering expansion still hangs in the balance

This report contains the following charts and tables:

• GTAA financial highlights: 3 months ended 30-Jun-09 (2Q09) (USD million)
• GTAA financial highlights: 6 months ended 30-Jun-09 (1H09) ( USD million)
• GTAA passenger numbers and passenger number growth: 1Q08 to 2Q09
• GTAA revenue and revenue growth: 1Q08 to 2Q09