MONTERREY, Mexico, July 27, 2010 (GLOBE NEWSWIRE) -- Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA (Nasdaq:OMAB) (BMV:OMA), reported its unaudited, preliminary results for the second quarter and first six months of 2010 today.
Highlights
Passenger traffic grew in the second quarter of 2010, reversing the trend of the seven previous quarters. Total revenues increased 20.5%, with growth in both aeronautical (+16.4%) and non-aeronautical (+37.6%) revenues. Noteworthy were revenues generated by the NH Terminal 2 Hotel at the Mexico City International Airport ("NH T2 hotel"), and the year over year increases in revenues from OMA Carga (+120.9%), parking (+18.6%), restaurants (+17.0%), and other leases (+10.0%). Operating income and Adjusted EBITDA grew 44.0% and 30.0%, respectively. Operating indicators also improved, with increases in the number of takeoffs and landings (+15.2%) and the volume of cargo transported (+42.0%). In addition, the average occupancy rate for the NH T2 hotel reached 59.3% during the quarter.
| 2Q 09 | 2Q 10 | % Var | 6M 09 | 6M 10 | % Var | |
| Terminal passengers (million) | 2.7 | 2.9 | 6.5 | 5.8 | 5.7 | (1.3) |
| Total revenues (Ps. million) | 440 | 530 | 20.5 | 926 | 1,040 | 12.3 |
| Income from operations (Ps. million) | 109 | 156 | 44.0 | 287 | 321 | 11.8 |
| Adjusted EBITDA (Ps. million) | 209 | 271 | 30.0 | 485 | 545 | 12.2 |
| Adjusted EBITDA margin (%) | 47.4% | 51.1% | 52.4% | 52.4% | ||
| Income before taxes | 113 | 141 | 24.9 | 282 | 293 | 4.0 |
| Consolidated net income (Ps. million) | 50 | 85 | 68.9 | 199 | 188 | (5.3) |
| Net income of majority interest (Ps. million) | 50 | 86 | 70.1 | 199 | 190 | (4.4) |
| EPS* (Ps.) | 0.13 | 0.21 | 0.50 | 0.48 | ||
| EPADS* (US$) | 0.08 | 0.13 | 0.31 | 0.30 | ||
| Capital Expenditures (Ps. million) | 164 | 111 | 417 | 234 | ||
| *Based on weighted average shares outstanding | ||||||
| See: Notes and disclaimers | ||||||
- Passenger traffic increased 6.5% to 2.9 million. Domestic traffic increased 5.1% and international traffic increased 15.3%.
- Three new commercial spaces and three new passenger service establishments opened in our airports. The NH T2 hotel occupancy rate reached 59.3% for the quarter and 63.8% in June.
- Air freight volumes and OMA Carga revenues increased 42.0% and 120.9%, respectively, principally as a result of the operation of DHL's cargo hub in Monterrey.
- Total revenues increased 20.5% to Ps. 530 million. Aeronautical revenues per passenger increased 9.3%, and non-aeronautical revenues per passenger increased 29.2%. Monterrey, OMA's principal airport, contributed 44.6% of revenues.
- Total operating costs and general and administrative (GA) expenses increased 11.2% to Ps. 219 million, principally as a result of the additional costs of operating the hotel. Excluding the costs of the NH T2 hotel, operating costs and GA expenses increased 2.3%, principally as a result of higher electricity and cleaning expenses.
- Operating income increased 44.0% to Ps. 156 million; the operating margin was 29.5%.
- Adjusted EBITDA increased 30.0% to Ps. 271 million. The Adjusted EBITDA margin was 51.1%, as compared to 47.4% in 2Q09.
- Consolidated net income was Ps. 85 million, an increase of 68.9%. The increase was principally due to a higher level of operating income and lower tax provision, offset in part by higher financial expense. Earnings per share were Ps. 0.21, or US$0.13 per American Depositary Share (ADS).
- Capital expenditures were Ps. 111 million in 2Q10. Bank financing provided a portion of the resources used for capital expenditures.
OMA's complete earnings report can be found at http://ir.oma.aero
OMA (Nasdaq:OMAB) (BMV:OMA) will hold a conference call on July 28, 2010 at 10:00 am Eastern time, 9:00 am Mexico City time.
The conference call is accessible by calling (888) 549-7704 toll-free from the U.S. or +1 (480) 629-9857 from outside the U.S. The conference ID is 4324927. A taped replay will be available through August 4, 2010 at (800) 406-7325 toll free or +1 (303) 590-3030, using the same ID.
The conference call will also be available by webcast at http://ir.oma.aero/events.cfm.
This report may contain forward-looking information and statements. Forward-looking statements are statements that are not historical facts. These statements are only predictions based on our current expectations and projections about future events. Forward-looking statements may be identified by the words "believe," "expect," "anticipate," "target," or similar expressions. While OMA's management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of OMA, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, those discussed in our most recent annual report filed on Form 20-F under the caption "Risk Factors." OMA undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.
About OMA
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA, operates 13 international airports in nine states of central and northern Mexico. OMA's airports serve Monterrey, Mexico's second largest metropolitan area, the tourist destinations of Acapulco, Mazatlán, and Zihuatanejo, and nine other regional centers and border cities. OMA also operates a hotel and commercial areas inside Terminal 2 of the Mexico City airport. OMA employs over 970 persons in order to offer passengers and clients, airport and commercial services in facilities that comply with all applicable international safety, security standards, and ISO 9001:2008. OMA's strategic shareholder members are ICA, Mexico's largest engineering, procurement, and construction company, and Aéroports de Paris Management, subsidiary of Aéroports de Paris, the second largest European airports operator. OMA is listed on the Mexican Stock Exchange (OMA) and on the NASDAQ Global Select Market (OMAB). Please visit our website, www.oma.aero.