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Pier F effect drives concession revenues for Greater Toronto Airports Authority

Source: ©The Moodie Report
By Martin Moodie

The Greater Toronto Airports Authority (GTAA) this week posted revenues of C$896.7 million for the nine-month period ended 30 September, 2007, an increase of +11.8% year-on-year.

Passenger numbers at Toronto Pearson International Airport rose +1.1% year-on-year during the period to 24 million. Of that, international (non-US) traffic rose +1.6% to 6,860,000, transborder (US) eased by -1.0% to 6,710,000 and domestic volume rose +2.0% to 10,468,000.

The transborder performance was affected negatively by the new legislation introduced in January 2007 requiring all travellers entering the US by air (including Canadians and returning US citizens) to possess a valid passport.

Concession and rental revenues increased by +7.5% to C$94.9 million for the period, primarily as a result of concession revenues from the new Pier F in Terminal 1 which was not open during the corresponding period, and an enhanced advertising programme. Of that C$94.9 million, concessions increased by +14.1% to C$53,626,000 and rentals by +0.1% to C$41,294.

The Canadian Dollar currently has virtual parity with the US Dollar, standing at C$1 = US$1.0778 as Moodie went to press.