Grupo Aeroportuario Reports Solid Q2 Earnings Results

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Grupo Aeroportuario del Sureste, or ASUR, reported second-quarter 2013 revenue growth of 8.2%, excluding passed-through construction service revenue, as traffic increased 10.0% from the prior period. Strong operational controls resulted in operating margin expansion to 58.6% from 57.8% last year. EBITDA grew 8.7% year over year, and margins were 67.2% as compared with 66.8% posted in the same period last year.

Traffic was 5.2 million passengers for the quarter, lower than the record of 5.5 million passengers in the first quarter of 2013 as the Easter shift may have helped first-quarter numbers at the expense of the second quarter.

Nonaeronautical represented 37.0% of total sales, even as sales per passenger declined slightly. ASUR’s most important revenue driver, Cancun, generated 81% of total revenue (posting growth of 9.1%) and represented 76% of traffic. Annual traffic at Luis Munoz Airport in Puerto Rico was 8.4 million passengers in 2012, nearly double the remaining seven airports, excluding Cancun, that ASUR currently operates. For the quarter, LMM reported 2.1 million passengers (or 41% of total ASUR traffic for the quarter). LMM should help ASUR deliver strong income growth over the upcoming years.

 

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