"Mexican airport concessionaire Asur Q2 income up 69% to US$11mn"

Tuesday, July 27, 2004

Asur Q2 income up 69% to US$11mn
BNamericas.com


Mexican airport concessionaire Grupo Aeroportuario del Sureste (BMV:
ASUR) reported 128mn pesos (US$11mn) in net income second quarter this
year, up 69.4% from same-period last year on higher passenger traffic,
it said.

Revenue grew 31.6% to 374mn pesos during the quarter while Ebitda jumped
41.5% to 219mn pesos. Overall passenger traffic increased 16.3% to
roughly 3.6 million travelers during the period. 

Recent passenger growth, well above Asur's 6.2% annual rate over the
past 13 years, is "not sustainable in the long run," CFO Adolfo Castro
said in a conference call. The company official attributed traffic rates
in part to instability in the Middle East, which has motivated US
travelers to vacation closer to home. 

Still, a study due out this quarter by UK consultancy Airport Strategy &
Marketing shows existing airports can accommodate an additional 400,000
passengers/y, Castro said. 

Inversiones y Tecnicas Aeroportuarias (ITA) controls Asur, which
operates the airports serving Cancun, Merida, Cozumel, Villahermosa,
Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlan. 

Finally, Asur criticized the Quintana Roo state government's plans to
build an airport in the Riviera Maya, which would rival the
concessionaire's busiest facility in Cancun. "This [airport] will not
attract additional passengers to the region," Castro said.


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