Mexican airports continue their recovery

Premium Analysis

Mexico's three big private airport operators released their financial results for the period ending 30-Sep-2011. The Mexican aviation market has been in almost constant flux and consistently unprofitable in the past decade, with many airline casualties resulting partly from the effects of natural disasters and epidemics. But the market has stabilised following the exit of Mexicana. While Mexico's growth fundamentals remain sound, with a large population, strong economic growth and a populous spread over a large area there is hope for the airports business and these recent results emphasise that.

Each of the operators (Grupo Aeroportuario del Pacifico [GAP], Grupo Aeroportuario del Sureste [ASUR] and Grupo Aeroportuario del Centro Norte [OMA]) reports increased revenues, EBITDA and net profit (notably ASUR and OMA in the latter two categories) with passenger numbers up in all cases except GAP (-2.6%).

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