GUADALAJARA, Mexico, April 24 /PRNewswire-FirstCall/ -- Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) ("the Company" or "GAP") today reported its results for the quarter ended March 31, 2008. Figures are unaudited and have been prepared in accordance with Mexican Financial Reporting Standards in Mexico (MFRS). All peso amounts are presented in nominal pesos as of March 31, 2008, except for the figures for the first quarter of 2007, which are expressed in constant pesos as of December 31, 2007 according to changes in Mexican Financial Reporting Standards (NIFs) and Mexican Interim Financial Reporting Standards (INIFs) relating to inflation accounting, which became effective on January 1, 2008. These changes in the NIFs and INIFs are described below under the heading "Main Changes in Accounting Practices."
Highlights for 1Q08 vs. 1Q07: -- Revenues increased 13.1% (by Ps. 110.4 million), due to a Ps. 81.1 million (11.8%) increase in revenues from aeronautical services and a Ps. 29.3 million (19.0%) increase in revenues from non-aeronautical services, which represented 73.5% and 26.5%, respectively, of the total increase in revenues. -- Revenues from aeronautical services increased due primarily to higher revenues from passenger charges, which rose 13.9% (by Ps. 78.7 million) from Ps. 566.1 million in the first quarter of 2007 to Ps. 644.8 million in the first quarter of 2008, while non-aeronautical revenues also rose due principally to an increase in revenues from passenger parking services. -- Passenger traffic increased 11.3% and workload units (WLUs)(1) increased 10.3%. -- Cost of services increased 14.3%; as a percentage of revenues and WLUs, it increased 1.0% and 3.6%, respectively. -- As a result of the increase in revenues, the cost of government concession taxes increased 13.2% and the technical assistance fee increased 12.6%. -- Operating income increased Ps. 67.5 million, or 16.3%. -- Adjusted EBITDA(2) increased Ps. 76.5 million, or 12.8%. -- Net income increased Ps. 148.0 million, or 51.7%, due to the improved operating margin, as well as the 42.8% decrease in income taxes, compared to the first quarter of 2007. The decrease in income taxes was principally due to changes in NIF B-10 "Effects in Inflation" which allows the gradual recovery of the differences paid on the asset tax versus the income tax for years prior to 2008. 1) Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo). 2) We define adjusted EBITDA as operating income plus depreciation and amortization For a full version of this release, please visit GAP's webpage at: http://www.aeropuertosgap.com.mx/ Company Description:
Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (GAP) operates twelve airports throughout Mexico's Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Bajio, Morelia, Aguascalientes, Mexicali and Los Mochis. In February 2006, GAP's shares were listed on the New York Stock Exchange under the ticker symbol "PAC" and on the Mexican Stock Exchange under the ticker symbol "GAP".
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and article 42 of the "Ley del Mercado de Valores", GAP has implemented a "whistleblower" program, which allows complainants to anonymously and confidentially report suspected activities that may involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party that is in charge of collecting these complaints, is 800-759-0045. GAP's Audit Committee will be notified of all complaints for immediate investigation.
In Mexico
Miguel Aliaga, Investor Relations Officer
Rodrigo Guzman, Chief Financial Officer
Grupo Aeroportuario del Pacifico, S.A.B. de C.V.
Tel: 01 (333) 880 1100 ext 216
