Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (‘GAP’) reported its consolidated results for the third quarter ended September 30, 2018.
Summary of Results 3Q18 vs. 3Q17
- The sum of aeronautical and non-aeronautical services revenues increased by MXN 451.5 million, or 16.8%. Total revenues increased by MXN 498.8 million, or 16.4%.
- Cost of services increased by MXN125.3 million, or 25.1%.
- Operating income increased by MXN. 254.6 million, or 16.7%.
- EBITDA increased by MXN297.7 million, or 15.9%. EBITDA margin (excluding the effects of IFRIC 12) decreased from 69.8% in 3Q17 to 69.3% in 3Q18.
- Net income and comprehensive income decreased by MXN197.8 million, or 16.9%.
GAP is an operator of 13 airports, 12 of them in Mexico and one in Jamaica, where it has been the operator of the Sangster International Airport at Montego Bay since April 2015 since it acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L.Spanish concession operator Abertis Infraestructuras, S.A., which owns a majority stake of MBJ Airports Limited, a company operating that airport.
More recently GAP won the bid “to operate, modernise and expand” the Norman Manley International Airport in Kingston, Jamaica,signing a 25-year concession with Jamaican authorities October 10, 2018.