GAP EBITDA up 3% in 1Q2011

Mexico's Grupo Aeroportuario del Pacífico (GAP) revenue up 15% - financial/traffic highlights for the three months ended 31-Mar-2011:

• Total revenue: USD107.4 million, +14.5% year-on-year;
  • Aeronautical: USD66.6 million, +1.9%;
  • Non-aeronautical: USD16.9 million, +4.5%;
  • Services from improvements to concession assets: USD23.9 million, +95.4%;
• EBITDA: USD56.4 million, +2.6%;
  • Guadalajara Airport: USD19.7 million, +2.2%;
  • Puerto Vallarta Airport: USD12.7 million, +4.0%;
  • Los Cabos Airport: USD11.2 million, -0.6%;
  • Tijuana Airport: USD6.8 million, +19.3%;
  • Hermosillo Airport: USD1.8 million, +0.8%;
  • Guanajuato Airport: USD1.7 million, +4.1%;
• Net profit: USD34.5 million, -28.2%;
• Passenger numbers: 5.1 million, -2.5%;
• Non aeronautical revenue per passenger: USD3.32, +7.1%;
• Capital expenditure: USD29.8 million, n/a;
• Total assets: USD2482 million, -2.7%;
• Total liabilities: USD169.0 million, -10.6%. [more]

* Based on the conversion rate USD1 = MXN11.571

GAP: "The loss of seats on international routes resulting from the suspension of GMA has been partially absorbed by the main US hubs as an alternate transportation option. Similarly, as various domestic airlines gradually receive airplanes ordered for fleet expansions, the loss of seats on routes resulting from the suspension of GMA could be recovered. The Company estimates that by June 2011, 50.6% of the domestic and international seats previously covered by GMA will be recovered, mainly driven by new domestic and international routes by Volaris, Continental, VivaAerobus and Aeroméxico," Company statement. Source: GAP, 28-Apr-2011.