POLITICS

Toronto Port Authority reports profit of $19.7 million in fiscal 2012

06/18/2013 04:53 EDT | Updated 08/18/2013 05:12 EDT
TORONTO - The Toronto Port Authority reported record net income of $19.7 million in 2012, up from $13.9 million the previous year, with the Billy Bishop City Airport division seeing the largest year-over-year increase.

Total revenue was $49.6 million for the year as all of TPA's business operations showing improvement, the authority said.

The airport division reported operating income of $24.1 million, including the airport improvement fees it collected, up $4.9 million from the previous year.

The marina saw $1.3 million of operating income, up from $1.2 million in 2011, while port operations reported operating income of $1.4 million, compared with $1.2 million a year earlier.

"TPA's sound financial position will allow us to reinvest in our operations and make further infrastructure improvements that support our customers and build healthier communities," Toronto Port Authority president and CEO Geoffrey Wilson said in a statement.