Canada: Toronto airport loses $383m in 2020 as passenger numbers plunge due to COVID
Canada’s largest airport lost $383m last year as the number of passengers plunged nearly 74% from 2019 due to the COVID-19 pandemic. The Greater Toronto Airports Authority says its net loss compared with a $139.8m profit in 2019 as revenues decreased nearly by half to $823.5m, from $1.5b a year earlier. More than 13m passengers passed through the airport in 2020, including 5.5m on domestic flights and 7.8m for international service. That was down from 50.5m, including 18.1m within Canada and 32.4m between Canada and the US and other global destinations. The airport responded to the pandemic by cutting capital spending by $265m and temporarily closing more than 40% of its terminal facilities. It also eliminated about 500 positions last summer, representing a 27 % cut to its workforce.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2021-03-25/general/canada-toronto-airport-loses-383m-in-2020-as-passenger-numbers-plunge-due-to-covid
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Canada: Toronto airport loses $383m in 2020 as passenger numbers plunge due to COVID
Canada’s largest airport lost $383m last year as the number of passengers plunged nearly 74% from 2019 due to the COVID-19 pandemic. The Greater Toronto Airports Authority says its net loss compared with a $139.8m profit in 2019 as revenues decreased nearly by half to $823.5m, from $1.5b a year earlier. More than 13m passengers passed through the airport in 2020, including 5.5m on domestic flights and 7.8m for international service. That was down from 50.5m, including 18.1m within Canada and 32.4m between Canada and the US and other global destinations. The airport responded to the pandemic by cutting capital spending by $265m and temporarily closing more than 40% of its terminal facilities. It also eliminated about 500 positions last summer, representing a 27 % cut to its workforce.<br/>
