Toronto airport loses $ 383 million in 2020 as passenger numbers drop due to COVID

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Toronto airport loses $ 383 million in 2020 as passenger numbers drop due to COVID


TORONTO – Canada’s largest airport lost $ 383 million last year, with passenger numbers falling nearly 74% from 2019 due to the COVID-19 pandemic.

Greater Toronto Airports Authority claims net loss from 2019 profit of $ 139.8 million as revenue nearly halved to $ 823.5 million from $ 1.5 billion a year earlier early.

More than 13 million passengers passed through the airport in 2020, including 5.5 million on domestic flights and 7.8 million on international service.

That figure was 50.5 million, including 18.1 million in Canada and 32.4 million between Canada and the United States and other global destinations.

The airport responded to the pandemic by cutting capital spending by $ 265 million and temporarily closing more than 40% of its terminals.

It also cut about 500 positions last summer, which represents a 27% reduction in its workforce.

“Although we have pushed towards leading-edge hygiene practices and advocated a stronger approach to passenger screening, there is still much to do with our government and aviation partners to develop a recovery framework that enables the safe restart of air travel, ”said Deborah Flint, President and CEO of the GTAA.

“Canada’s airports must be given the tools they need to bounce back in a post-COVID world or our aviation sector and the country’s competitiveness will suffer.

The federal government waived ground rent for airports between March and December 2020 and deferred rent payments for 2021 to be repaid for a decade, starting in 2024.

The airport also received federal financial support from Canada’s Emergency Wage Subsidy Program.

The GTAA says it has adjusted the fees paid by Air Canada and WestJet to reflect the reduction in activity of major airlines at the airport and has made adjustments for other business partners, dealers and tenants.

This report by The Canadian Press was first published on March 24, 2021.

Companies in this story: (TSX: AC)

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