Pearson airport operator the Greater Toronto Airports Authority has reported significant improvement in its financial results for the first quarter of 2022. Passenger activity increased 4.1 million or 384.5% during the first quarter of 2022 as compared to the same period of 2021.

The airport operator attributes the increase to the domestic vaccine rollout, fewer travel restrictions and pent-up travel demand compared to the same period of 2021. Despite the improvement, the GTAA notes that all measures of operating activity 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 rollback of selected travel restrictions on the part of the Government of Canada and an increased interest on the part of the travelling public to take to the skies are both promising signs," said Deborah Flint, President and CEO, GTAA.

"As we move along the path toward recovery and an increasing number of passengers choose Pearson, we call on government to streamline inbound public health requirements to avoid bottlenecks and thereby ensure the efficient flow of passengers through Canada's airports."

The GTAA’s net loss during the first quarter of 2022 decreased $82.4 million to $44.6 million, as compared to the same period of 2021.

The Pearson airport operator says predicting the future is difficult, “given changing government policies regarding travel and the continued presence of testing requirements that vary from country to country.” It says these restrictions and concerns about travel due to COVID-19 continue to inhibit demand.

The GTAA says it continues to analyze the extent of the financial impact of the COVID-19 pandemic, which while it is diminishing, continues to be adverse and material.

“While the full duration and scope of the COVID-19 pandemic cannot be known at this time, in the long-term the GTAA believes that recovery will be achieved, and the pandemic will not have a material impact on the long-term financial sustainability of the airport,” the GTAA said in a statement.