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COVID-19: Mexican airports not so badly affected – yet

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In comparison with others, two of Mexico’s three publicly listed airport groups appear not to have been too badly affected yet by the current COVID-19 situation, reporting consistent financial results for the first quarter of 2020; international traffic has not fallen too dramatically and domestic traffic has increased.

OMA (Grupo Aeroportuario del Centro Norte) reports a small fall in revenues of only 2.3%, and its net profit soared by 28%. GAP (Grupo Aeroportuario del Pacífico) advises that its revenues actually increased by 35% in the period, with a net profit increase of 29%.

However, traffic results from the third one, ASUR, which has a greater exposure to foreign assets, present a warning. Although ASUR had not revealed its own 1Q2020 result at the time of writing, in 1Q2020 it reported a 95.7% reduction in passenger traffic in Mexico, 94.5% in Puerto Rico, and 99.9% in Colombia, attributed to the impact of the pandemic.

Exposure to foreign airport ‘assets’ can have unexpected consequences.

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