Grupo Aeroportuario Del Pacífico, S.A.B. de C.V. (GAP) Announces Results for the First Quarter 2011

Dépèche transmise le 28 avril 2011 par Business Wire

Grupo Aeroportuario Del Pacífico, S.A.B. de C.V. (GAP) Announces Results for the First Quarter 2011

Grupo Aeroportuario Del Pacífico, S.A.B. de C.V. (GAP) Announces Results for the First Quarter 2011

GUADALAJARA, Jalisco, Mexico--(BUSINESS WIRE)--Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) today reported its results for the first quarter ended March 31, 2011. Figures are unaudited and have been prepared in accordance with Mexican Financial Reporting Standards (“NIF”). All amounts are presented in nominal pesos.

Summary of First Quarter 2011 vs. First Quarter 2010:

  • Total revenues increased 14.5% (Ps. 157.6 million). The sum of aeronautical and non-aeronautical revenues increased 2.4% (Ps. 22.5 million), mainly due to a 1.9% (Ps. 14.1 million) increase in revenues from aeronautical services, while non-aeronautical service revenues increased 4.5% (Ps. 8.4 million).
  • In 1Q11, cost of services increased 1.9% (Ps. 4.2 million), mainly as a result of a Ps. 6.3 million increase in costs for personnel, security and insurance.
  • The Ps. 22.5 million increase in aeronautical and non-aeronautical revenues and the proportionally lower increase in the cost of services caused the cost of government concession taxes to rise 2.4% (Ps. 1.1 million) in 1Q11, and the technical assistance fee increased 2.6% (Ps. 857 thousand).
  • Operating income increased 1.7% (Ps. 7.2 million).
  • EBITDA increased 2.6% (Ps. 16.3 million), from Ps. 636.1 million in 1Q10 to Ps. 652.4 million in 1Q11 due to an increase in revenues from aeronautical and non-aeronautical services. EBITDA margin declined from 58.6% in 1Q10 to 52.5% in 1Q11 (excluding the effects of INIF 17, EBITDA margin increased from 67.4% in 1Q10 to 67.5% in 1Q11, an increase of 10 basis points).
  • Net income decreased 28.2% (Ps. 156.8 million), mainly due to higher income taxes during the quarter. In 1Q10, the Company had an income tax benefit from deferred income taxes of Ps. 211.4 million, while in 1Q11, the income tax benefit was Ps. 56.7 million.

For the full version of this report please visit www.aeropuertosgap.com.mx

Company Description:

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates twelve airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”.

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that may involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party that is in charge of collecting these complaints, is 01 800 563 00 47. The web site is www.lineadedenuncia.com/gap. GAP’s Audit Committee will be notified of all complaints for immediate investigation.

Business Wire

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