Pearson airport operator, Greater Toronto Airports Authority, reported a significant improvement in its financial results for the first quarter of 2022. Passenger activity increased by 4.1 million or 384.5% in during the first quarter of 2022 compared to the same period of 2021.
The airport operator attributes the increase to the nationwide rollout of vaccines, fewer travel restrictions and pent-up travel demand compared to the same period in 2021. Despite the improvement, the GTAA notes that all operational activity metrics continue to be well below 2019 levels due to the impact of the pandemic on the GTAA and the global aviation industry in general.
“The dismantling of some travel restrictions by the Government of Canada and an increased interest from the traveling public to take flight are both promising signs,” said Deborah Flint, President and CEO of the GTAA.
“As we move forward on the road to recovery and more passengers choose Pearson, we are calling on the government to streamline public health requirements on arrival to avoid bottlenecks and ensure efficient flow of passengers through Canada’s airports.
The GTAA’s net loss in the first quarter of 2022 decreased $82.4 million to $44.6 million, compared to the same period of 2021.
The Pearson airport operator says it is difficult to predict the future, “given changing government policies around travel and the continued presence of testing requirements that vary from country to country. other”. It says these travel restrictions and concerns due to COVID-19 continue to inhibit demand.
The GTAA says it continues to analyze the magnitude of the financial impact of the COVID-19 pandemic, which, while diminishing, continues to be negative and material.
“While the full duration and extent of the COVID-19 pandemic cannot be known at this time, over the long term, the GTAA believes that recovery will be achieved and the pandemic will not materially impact long-term financial viability. airport,” the GTAA said in a statement.