Seven years in a row of profit growth at PortsToronto

For a seventh straight year, PortsToronto experienced a banner year in profitability in 2014, where earnings were greater than how much was spent to send and receive shipments, according to newly released data.

At the Outer Harbor Marina, Port of Toronto and Billy Bishop Toronto City Airport – the three outposts that comprise PortsToronto – net income rose to $14.9 million last year, up 9 percent from the $13.7 million the authority made in the previous year.

Cargo volume reaches eight-year high
For instance at the Port of Toronto, it recorded one of its best years since port earnings data was first documented, thanks to swift cargo business as well as cruise ship launchings. An estimated 2 million tons of cargo from all over the world were delivered to this port alone in 2014, the highest cargo haul in eight years. Meanwhile, at the Outer Harbor Marina, earnings after taxes dwindled slightly to $1.2 million in 2014 from $1.4 million in 2013. PortsToronto attributed the decline to weather conditions, as last summer was cooler than normal throughout most of the province.

Geoffrey Wilson, PortsToronto CEO, stressed that all things considered, 2014 was a very successful year, which everyone benefits from as a result.

"As a financially self-sufficient organization that does not receive public funding, we are proud of our ability to achieve and maintain profitability," said Wilson. "[This], in turn, enables us to continue to give back to our community and invest in the infrastructure and services our city needs to remain world-class and a great place to live, work and play."

Mark McQueen, PortsToronto chairman, went on to say that even though it doesn't receive public funding, PortsToronto seeks to give back. As a jobs creator, it's helping families maintain a strong standard of living and fueling Canada's economic prosperity.

One of Canada's "Big Four" ports, the Montreal Port Authority also experienced a financially remunerative 2014, with operating revenues rising 8 percent to $94 million, the transshipment center reported earlier this month. Cargo volume also increased by 8 percent, totaling 30 million tons overall. Containerized cargo increased 6 percent to 12.6 million tons, much of which was grain.

Expanding trade with China
The Canadian government is furthering its trade opportunities by expanding some of its programs. For instance, the central government recently announced that it looks to grow its China Transit Program (CTP), which operates out of the Vancouver International Airport, allowing for more business opportunities, not to mention consumers' ease of travel.

"Our government is committed to facilitating legitimate trade and travel, including supporting Canada's air industry efforts to attract more transit business to the country," said Chris Alexander, Canada's minister of citizenship and immigration. "This expansion of the China Transit Program will help generate more business for our airlines and airports, and could potentially lead to the opening of new routes and destinations, which would benefit all travelers, including Canadians."

Since Canada partnered with China through the Air Transport Agreement, air traffic between the two countries has risen by 14 percent. In terms of actual numbers, this translates to 1.5 million one-way trips.

With more than 1 billion citizens, China is the world's most-populated country. Many believe it to be on par with the United States in terms of economic supremacy. Last year, according to government data, China was Canada's second-largest export market, the biggest one still being the U.S. Exports from there over the past five years have totaled an estimated $19.3 billion, an increase of 46 percent.