GUADALAJARA, Mexico, July 15 /PRNewswire-FirstCall/ -- Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (the "Company" or "GAP") today announced that the Company is updating its guidance for full year 2008 based on recent developments that have increased uncertainty with respect to rates of growth of traffic and revenues in 2008, including the effects of adverse economic conditions in the U.S. as well as high fuel costs upon low- cost carriers and other airlines serving GAP's airports. The following data refers to full year 2008 data as compared to the corresponding full year 2007 data.
Former Full-Year 2008 Guidance: -- Expected traffic growth between 5 to 7%; -- Expected commercial revenue growth between 13 to 16%; -- Expected aeronautical revenue growth between 8% and 10%
-- Expected cost of service growth between 10 to 12% excluding baggage screening, and between 15 to 17% with baggage screening;
-- Expected EBITDA margin between 65% to 66%; -- An effective tax rate between 28 to 31%;
-- Expected CAPEX, between Ps. 1.3 billion and Ps. 1.8 billion, depending on baggage screening systems.
Updated Full-Year 2008 Guidance: -- Expected traffic growth between -1 to 1% -- Expected commercial revenue growth between 10 to 13% -- Expected aeronautical revenue growth between 2% and 4% -- Expected cost of service growth between 11% to 14%; -- Expected EBITDA margin between 64.5% to 65.5%; -- An effective tax rate between 28 to 31%;
-- Expected CAPEX, between Ps.1.2 billion and Ps. 1.7 billion, depending on baggage screening systems.
GAP assumes no obligation to update or correct the information in this press release.
This report may contain projections or other forward-looking statements related to GAP that involve risks and uncertainties. Readers are cautioned that these statements are only projections of future events based on assumptions and estimates GAP believes to be reasonable, but these projections may differ materially from actual future results or events. Factors that could cause actual results to differ materially and adversely include, but are not limited to: changes in general economic, business or political or other conditions in Mexico, changes in general economic, business or political or other conditions in the United States or changes in general economic or business conditions in Latin America, the price of fuel, inflation rates, exchange rates, regulatory developments, customer demand and competition, changes in the performance or terms of our concessions, developments in legal proceedings, changes in capital markets in general that may affect policies or attitudes towards lending to Mexico or Mexican companies, increased costs, unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms. Readers are referred to the documents filed by GAP with the United States Securities and Exchange Commission, specifically the most recent filing on Form 20-F which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to GAP on the date hereof, and GAP assumes no obligation to update such statements.
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, Guanajuato, 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".
For further information please visit: http://www.aeropuertosgap.com.mx/ or contact us:
In Mexico
Miguel Aliaga, Investor Relations Officer
Grupo Aeroportuario del Pacifico, S.A.B. de C.V.
Tel: 01 (333) 8801100 ext 216
