Q2 2024 Grupo Aeroportuario del Pacifico SAB de CV Earnings Call Transcript
Key Points
- Grupo Aeroportuario del Pacifico SAB de CV (PAC) added three international and two domestic routes in the second quarter, with plans to add 11 more international routes in the second half of the year.
- Commercial revenues increased by almost 11%, driven by food and beverage, car rentals, and VIP lounges.
- The company opened a second VIP lounge at the Vallarta airport and reported strong performance in Guadalajara and Los Cabos airports.
- The acquisition of GWTC is expected to contribute significantly, with 2023 revenues above MXN1 billion and an EBITDA margin of around 40%.
- The second runway at Guadalajara Airport was opened, offering 50% to 70% additional operational capacity in the long term.
- Passenger traffic decreased by 3.9% compared to 2023, primarily due to issues with A320neo and A321neo airplane engines.
- Aeronautical and non-aeronautical revenues decreased by MXN213 million or 3.3% compared to last year.
- Cost of service increased by MXN179 million or 17.3%, driven by higher operational expenses such as employee costs, security, insurance, and maintenance.
- EBITDA decreased by MXN378.7 million or 8.3% due to higher costs and slightly lower revenues.
- Cash and cash equivalents decreased by 15.7%, reaching MXN12.6 billion, while debt reached MXN41.8 billion.
Good morning, and welcome to GAP's Second Quarter 2024 Conference Call. All lines have been placed on mute to prevent any background noise. After the presentation, we will open the floor for questions and at that time, instructions will be given if you would like to ask a question.
It is now my pleasure to turn the conference over to GAP's Investor Relations team. Please go ahead.
Thank you, and welcome to the Grupo Aeroportuario del Pacifico second quarter 2024 conference call. Presenting from the company today, we welcome Mr. Raul Revuelta, GAP's Chief Executive Officer; and Mr. Saul Villarreal, Chief Financial Officer. Please be advised that forward-looking statements may be made during this conference call.
These do not account for future economic circumstances, industry conditions, the company's performance or financial results. As such, statements made are based on several assumptions and factors that could change
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