logo


Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (GAP) Announces Results for the First Quarter 2009
Wednesday, April 29, 2009 6:01 PM


GUADALAJARA, Mexico, April 29 /PRNewswire-FirstCall/ -- Grupo Aeroportuario del Pacifico, 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, 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 First Quarter 2009 vs. First Quarter 2008:
    -- Revenues declined 6.1%, (Ps. 57.5 million), mainly due to the decrease
       in aeronautical revenues. It is important to mention that in 2008 the
       Easter Week vacation period took place during the first quarter (in the
       month of March), while in 2009 it took place during the month of April.
       -- Revenues from aeronautical services declined 9.5%, mainly as a
          result of a decline in airplane landing fees, airplane parking fees,
          the renting of space to airlines and the use of walkways, caused by
          the cessation of operations by some of the airlines during the final
          months of 2008. Non-aeronautical services revenues increased 8.4%.
    -- Cost of services increased 9.6%, or Ps. 18.8 million; as a percentage
       of revenues, cost of services increased 350 basis points and per
       workload unit ('WLU') cost of services increased Ps. 9.6, from Ps. 29.2
       in the first quarter of 2008 to Ps. 38.8 in the first quarter of 2009,
       mainly due to increase in the reserve for doubtful accounts of certain
       commercial clients, which are currently in the process of negotiation,
       for Ps. 15.2 million. Without considering the reserve for doubtful
       accounts, cost of services would have increased only 1.8%; as a
       percentage of revenues, cost of services would have increased 172 basis
       points and per WLU, cost of services would have increased Ps. 6.9, to
       Ps. 36.1 in the first quarter of 2009 from Ps. 29.2 in the first
       quarter of 2008.
    -- As a result of the decrease in total revenues, cost of government
       concession taxes decreased 6.1% and the technical assistance fee
       decreased 10.4%, mainly due to lower total revenues and an increase in
       costs.
    -- Operating income declined 16.9%.
    -- EBITDA decreased 10.4% excluding the reserve for doubtful accounts,
       EBITDA would have declined only 1.5%.
    -- Net income decreased 6.6%, Ps. 28.5 million lower than the figure
       reported in the first quarter of 2008, mainly due to the decline in
       income before taxes.

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

    For more information, please visit www.aeropuertosgap.com.mx or contact:
    In Mexico
    Miguel Aliaga, Investor Relations Officer
    Rodrigo Guzman, Chief Financial Officer
    Grupo Aeroportuario del Pacifico, S.A.B. de C.V.
    Tel: 011 52 (333) 880 1100 ext 216
    maliaga@aeropuertosgap.com.mx
    In the U.S.
    Maria Barona
    Kenia Vargas
    i-advize Corporate Communications, Inc.
    Tel: 212 406 3691/3695
    gap@i-advize.com

SOURCE Grupo Aeroportuario del Pacifico, S.A.B. de C.V.

(Source: PR Newswire )


(0)
No Comments
Post Comment
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
   
 
 
 
 
   
 

  
Related Press Releases
Advertisement
Popular Articles
Advertisement
Partner Center
Fundamental data is provided by Zacks Investment Research, market data is provided by AlphaTrade. , and Commentary and Press Releases provided by Quotemedia