Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP)
("the Company” or "GAP”) today reported its results for the fourth
quarter ended December 31, 2009. Figures are unaudited and have
been prepared in accordance with Mexican Financial Reporting Standards
("NIF”). All peso amounts are presented in nominal pesos.
Highlights for Fourth Quarter 2009 vs. Fourth Quarter 2008:
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Revenues increased 0.7%, (Ps. 6.0 million), mainly due to the
increase in aeronautical revenues.
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Revenues from aeronautical services increased 1.9% (Ps.
12.4 million). Non-aeronautical service revenues declined 3.5% (Ps.
6.4 million).
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Cost of services declined 12.4%, (Ps. 31.7 million); as a
percentage of revenues cost of services decreased 400 basis points and
per workload unit ("WLU”) cost of services declined Ps. 5.7, or 11.7%,
from Ps. 48.1 in the fourth quarter of 2008 to Ps. 42.4 in the fourth
quarter of 2009.
-
As a result of the increase in total revenues, cost of government
concession taxes rose 1.0%, and combined with the increase in
aeronautical revenues and the decline in cost of services; this caused
an increase in the technical assistance fee of 7.0%.
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Operating income increased 12.9%.
-
EBITDA increased 7.0% (Ps. 35.4 million), due to higher
revenues and primarily due to a more than proportional decline in the
cost of services compared to the increase in revenues. The EBITDA
margin increased 380 basis points, from Ps. 503.4 million in the
fourth quarter of 2008, to Ps. 538.8 million during the fourth quarter
of 2009.
-
Net income decreased 18.3%, Ps. 74.4 million lower than the
figure reported in the fourth quarter of 2008, mainly due to a decline
in the integral cost of financing, which was affected by a 26%
devaluation in the Mexican peso versus the U.S. dollar during the
fourth quarter of 2008, versus an appreciation of 4.2% in the fourth
quarter of 2009.
For the full version of this report
please visit www.aeropuertosgap.com.mx
