GAP reports 18.3% revenue increase; Shanghai Pudong/Hongqiao airports handle 60 million pax in 2010


Mexico's Grupo Aeroportuario del Pacífico (GAP) shares rose slightly by 0.1% on Wednesday (27-Oct-2010). On the same day the airport operator reported the following preliminary financial highlights for the three months ended 30-Sep-2010 (according to Mexican Financial Reporting Standards):

  • Grupo Aeroportuario del Pacífico (GAP) reports an 18.3% year-on-year increase in revenue for the third quarter of 2010.
  • Aeronautical revenue for GAP increased by 20.6%, while non-aeronautical revenue increased by 9.9%.
  • The cost of services for GAP rose by 30.7%, and the cost of government concession taxes increased by 18.4%.
  • GAP's operating profit saw a 22.1% increase, while EBITDA increased by 13.9%.
  • Shanghai Pudong and Hongqiao airports in China have surpassed their 2009 passenger record, handling 60 million passengers in 2010.
  • Shanghai Airport Authority expects the city's airport system to handle over 72 million passengers this year, a 26% increase from the previous year.
  • Revenue: +18.3% year-on-year;
    • Aeronautical: +20.6%;
    • Non-aeronautical: +9.9%;
  • Cost of services: +30.7%;
  • Cost of government concession taxes: +18.4%;
  • Operating profit: +22.1%;
  • EBITDA: +13.9%;
  • Net profit: +3.3%.

See related CAPA profile: Financial results

China's Shanghai Airport Authority (-1.6%) announced Shanghai Pudong and Hongqiao airports have handled 60 million passengers in 2010, surpassing 2009's year-to-date record of 57 million. Shanghai Airport Authority stated they expect the city's airport system to handle more than 72 million passengers this year, a 26% year-on-year increase. Shanghai's traffic has been boosted by the World Expo, which ran between May-Oct-2010, which increased passenger traffic during the period by 34% year-on-year.

Meanwhile, TAV Airports (-3.9%) shares lost the most ground on Wednesday while Xiamen (+4%) and GateGroup (+2.8%) shares gained the most.

Selected airports daily share price movements (% change): 27-Oct-2010

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