A dramatic increase in the number of passengers departing from Toronto Island airport helped the Toronto Port Authority record its first profit since the federal agency came into existence 10 years ago.

In financial statements released yesterday, the port authority, responsible for operating Toronto’s harbour lands and the Toronto City Centre Airport, recorded a net income of $863,000 in 2008.
The modest profit was recorded thanks in part to a 95 per cent increase in the number of Porter Airlines passengers. In 2008, 258,483 passengers paid the $15 airport improvement fee, up from 132,227 the year before. Increased plane traffic also led to more revenue to the federal agency from landing fees.

Island airport revenue increased to about $11 million in 2008, more than double the $5.1 million in revenue recorded in 2007.

Read the full article by Kenyon Wallace “Profit takes off at Island airport” in the Toronto Star (July 23, 2009).

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