MONTERREY, Mexico, Oct. 25, 2007 (PRIME NEWSWIRE) -- Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., or OMA (Nasdaq:OMAB), reported its unaudited, preliminary results for the third quarter and first nine months of 2007 today. All comparisons are with respect to the comparable period of the prior year.
3Q06 3Q07 Var.% 9M06 9M07 Var.%
Terminal passengers (million) 3.0 3.8 27.6 8.7 10.6 21.5
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Revenues (Ps. million) 419 479 14.5 1,229 1,383 12.5
Income from operations 165 198 20.0 491 558 13.5
Adjusted EBITDA (Ps. million) 223 274 22.9 664 778 17.2
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Adjusted EBITDA margin 53.3% 57.2% 54.0% 56.3%
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Net Income 122 135 10.5 391 413 5.5
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EPS (Ps.) 0.31 0.34 1.00 1.03
EPADS (US$) 0.23 0.25 0.73 0.76
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Capital expenditures 229 425 85.4
Highlights
Third quarter 2007
* Passenger traffic totaled 3.8 million in the quarter, an increase of 27.6%. Eleven airports reported double digit increases. Domestic traffic grew 33.1% and international traffic grew 1.7%. * Total net revenues increased 14.5% to Ps. 479 million. * Costs rose 1.0% in the third quarter, as a result of cost controls. * Operating income increased 20.0%. * Adjusted EBITDA rose 22.9% to Ps. 274 million, equivalent to a 57.2% margin, and compared to a 53.3% margin in the prior year period. * Net income increased 10.5% to Ps. 135 million. Earnings per share were Ps. 0.34, and earnings per American Depositary Share (ADS) were US$ 0.25. * Capital expenditures were Ps. 93.9 million in the quarter. The most important investment underway is the construction of the new Terminal B at Monterrey; we estimate that work on the foundation and structure is 50% completed. * In accordance with our dividend policy, OMA made the first and second quarterly installments of the dividend declared for 2006. * We have begun repurchasing shares under our share repurchase program, which has an authorized limit of Ps. 100 million for the current year.
January - September 2007
* Passenger traffic was 10.6 million, an increase of 21.5%. Domestic traffic grew 28.8%, and international traffic decreased 3.7%. * Total net revenues increased 12.5% to Ps. 1,383 million. * Costs and administrative expenses increased a combined 4.9% compared to the prior year period. * Operating income increased 13.5%. * Adjusted EBITDA grew 17.2% to Ps. 778 million, equivalent to a 56.3% margin, and compared to 54.4% in the 2006 period. * Net income increased 5.5% to Ps. 413 million. Earnings per share were Ps. 1.03, and earnings per ADS were US$ 0.76. * Capital expenditures were Ps. 425.1 million, an increase of 85.4% compared to 2006. We are carrying out an investment program designed to maintain an optimal level of service in our airports, and to meet current and expected growth in passengers. Investments are above the levels committed in the Master Development Plans. * Cash and cash equivalents as of September 30 were Ps. 1,900 million.
During the third quarter of 2007, total passenger traffic increased 27.6% (+813,522 terminal passengers), as a result of an increase in both domestic and international passenger traffic. Eleven airports had double digit rates of growth in total traffic. The airports with the highest growth were Reynosa (+65.1%), Culiacan (+40%), Ciudad Juarez (+34.9%), Chihuahua (+32.5) and Monterrey (+31.8%). In August, Culiacan became our second largest airport after Monterrey.
Total net revenues during the third quarter of 2007 were Ps. 479.1 million, a 14.5% increase as compared to the third quarter of 2006. Aeronautical net revenues increased 14.8%, or Ps.50.5 million, and non-aeronautical revenues increased at double digit rates for the first time in 2007, increasing 13.0%, or Ps. 10.0 million. The mix of revenues in the third quarter of 2007 was 81.8% aeronautical revenues and 18.2% non-aeronautical revenues.
Total costs and operating expenses were Ps. 280.8 million in the third quarter of 2007, an increase of 10.8%, as compared to the same period of 2006, principally because of increased depreciation and amortization charges, administrative expenses, and concession taxes. Cost of services and administrative expenses, which are the direct result of the company's operating activities, increased by 4.3% in the third quarter of 2007, compared to the prior year period. Costs and administrative expenses per passenger declined 18.2% in the third quarter of 2007.
Operating income was Ps. 198.2 million in the third quarter of 2007, an increase of 20.0% as compared to the prior year period. OMA's Adjusted EBITDA, which is equivalent to UAFIDA in Mexico, increased 22.9% during the third quarter of 2007 to Ps. 273.9 million.
Net income in the third quarter of 2007 rose to Ps. 134.9 million, an increase of 10.5% as compared to Ps. 121.9 million in the third quarter of 2006. Earnings per share were Ps. 0.34, and earnings per ADS were US$0.25.
OMA's full earnings report is available at http://ir.oma.aero
OMA will hold a conference call on October 26, 2007 at 10:00 am EDT, 9:00 am Mexico City time, to discuss the second quarter 2007 earnings.
The conference call is accessible by calling (800) 922-9655 toll-free from the U.S. or +1 (973) 935-2407 from outside the U.S. The confirmation code is 9363754. A taped replay will be available through November 2, 2007 at (877) 519-4471 toll free or +1 (973) 341-3080.
The conference call will also be available by webcast at http://ir.oma.aero/events.cfm.
About OMA
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., OMA, operates 13 international airports in nine states of central and northern Mexico. OMA's airports serve Monterrey, Mexico's third largest metropolitan area, the tourist destinations of Acapulco, Mazatlan, and Zihuatanejo, and nine other regional centers and border cities. OMA employs over 900 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 9001:2000. OMA's strategic shareholder members are ICA, Mexico's largest engineering, procurement, and construction company, and Aeroports 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.