TORONTO - The Greater Toronto Airports Authority said Wednesday increased passenger traffic at Toronto's Pearson International Airport helped it boost its profit to $14.3 million last year after a net loss of $17.1 million in 2011.
The GTAA said it saw passenger volume at Canada's largest airport go up by 4.4 per cent compared to 2011.
"Continued strong traffic growth, improvements in generating non-aeronautical revenues and cost control resulted in an improvement in financial performance when compared to 2011," the company said in a statement.
Revenue for the year totalled $1.1 billion, while operating expenses amounted to $709.4 million — $130.5 million of which was rent that was paid to the federal government.
The GTAA said 34.9 million passengers travelled through the airport in 2012. Domestic passenger traffic jumped 4.3 per cent, while international passenger traffic increased 3.7 per cent this year, compared to a year earlier.