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ASUR, GAP and MAp all report profitable 2010

Airport stocks had a mixed day, avoiding the general downward trend that has affected most aviation-related stocks. Shares in Hainan Meilan and TAV Holdings were down heavily, while shares in Mexican airport operators ASUR and OMA were up. Australia’s MAp reported a profit of USD101.1 million for 2010, while ASUR achieved a net profit of USD104.7 million for the year and GAP reported a net profit of USD123.1 million.

Australia’s MAp reported its consolidated financial highlights for the 12 months ended Dec-2010:

  • Revenue: USD1,009.1 million, +6.3% year-on-year;
  • Operating costs: USD1,001.5 million, -31.8%;
  • Profit/loss before tax: (USD2.1 million), compared with a loss of USD755.3 million in p-c-p;
  • Profit/loss after tax: USD51.9 million, compared with a loss of USD616.8 million in p-c-p;
  • Net profit/loss: USD101.1 million, compared with a loss of USD574.3 million in p-c-p.

* Based on the conversion rate USD1 = AUD0.9972

Mexico’s Grupo Aeroportuario del Sureste (ASUR) reported the following financial highlights:

  • Three months ended 31-Dec-2010:
    • Revenue: USD97.9 million, +58.3% year-on-year;
      • Aeronautical: USD41.8 million, +4.7%;
      • Non-aeronautical: USD23.1 million, +5.7%;
      • Construction services: USD32.9 million, +100%;
    • EBITDA: USD38.3 million, +4.8%;
    • Net profit: USD22.8 million, +74.4%;
    • Passenger numbers: 3.8 million, +0.4%;
  • 12 months ended 31-Dec-2010:
    • Revenue: USD347.7 million, +35.3%;
      • Aeronautical: USD187.4 million, +11.8%;
      • Non-aeronautical: USD99.4 million, +11.3%;
      • Construction services: USD60.8 million, +100%;
    • EBITDA: USD172.7 million, +7.0%;
    • Net profit: USD104.7 million, +59.9%;
    • Passenger numbers: 17.0 million, +7.3%;
    • Total assets: USD1495 million, +9.1%;
    • Cash and cash equivalents: USD118.4 million, +50.1%;
    • Total liabilities: USD280.6 million, +20.5%.

* Based on the conversion rate USD1 = MXN12.1822

Mexico’s Grupo Aeroportuario del Pacífico (GAP) reported the following financial highlights:

  • Three months ended 31-Dec-2010:
    • Operating revenue: 75.0 million, +9.8% year-on-year;
      • Aeronautical: USD59.2 million, +10.5%;
      • Non-aeronautical: USD15.7 million, +7.1%;
    • EBITDA: USD48.4 million, +9.5%;
    • Net profit: USD36.5 million, +34.3%;
    • Passenger numbers: 4.9 million, -0.2%;
    • Revenue per passenger: USD15.45, +10.0%;
  • 12 months ended 31-Dec-2010:
    • Operating revenue: USD305.1 million, +13.8%;
      • Aeronautical: USD242.8 million, +16.6%;
      • Non-aeronautical: USD62.3 million, +4.1%;
    • EBITDA: USD200.2 million, +14.9%;
    • Net profit: USD123.1 million, +25.1%;
    • Passenger numbers: 20.2 million, +4.9%;
    • Revenue per passenger: USD15.1, +8.5%;
    • Capital expenditure: USD76.8 million;
    • Total assets: USD2372 million, +1.8%;
    • Total liabilities: USD182182.4 million, +38.8%.

* Based on the conversion rate USD1 = MXN12.1822

Selected ABD daily share price movements (% change): 23-Feb-2011