MONTERREY, Mexico, Oct. 23, 2008 (GLOBE NEWSWIRE) -- Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., or OMA, reported its unaudited, preliminary results for the third quarter and first nine months of 2008 today.
(Ps. thousands) 3Q 07 3Q 08 %Var. 9M 07 9M 08 %Var.
Terminal passengers (million) 3.8 3.5 (6.6) 10.6 10.9 2.9
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Total revenues (Ps. million) 489 496 1.3 1,412 1,502 6.4
Income from operations 203 170 (16.0) 569 544 (4.5)
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Adjusted EBITDA 280 257 (8.3) 795 812 2.2
Adjusted EBITDA margin 57.2% 51.7% 56.3% 54.1%
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Income before taxes 218 165 (24.5) 634 683 7.7
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Net Income (loss) 138 130 (5.4) 421 495 17.4
EPS* (Ps.) 0.34 0.33 1.05 1.25
EPADS* (US$) 0.25 0.24 0.77 0.91
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Capital Expenditures 95 163 434 1,880
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Highlights
Third quarter 2008 (compared to the third quarter of 2007)
* Passenger traffic totaled 3.5 million in the quarter, a decrease of 6.6%. Domestic traffic decreased 6.9%; international traffic decreased 4.8%. * Total net revenues increased 1.3% to Ps. 496 million. * Cost of services and administrative expenses rose a combined 20.9% to Ps. 202 million, as compared to Ps. 167 million in the same period of 2007. The principal factor in the increase was non- recurring costs and expenses of Ps. 25.4 million for a corporate reorganization that transferred most personnel to services subsidiaries and that is expected to improve operational efficiency. * Operating income decreased 16.0% to Ps. 170 million; the operating margin was 34.3%. * Adjusted EBITDA decreased 8.3% to Ps. 257 million, equivalent to a 51.7% margin. * Net income was Ps. 130 million, a decrease of 5.4% over the prior year period. Earnings per share were Ps. 0.33, or US$0.24 per American Depositary Share (ADS). * Capital expenditures were Ps. 163 million, principally for airport terminal expansion and improvements, runways and platforms, and machinery and equipment. Cash outflows for capex were Ps. 174 million.
First nine months 2008 (compared to the first nine months of 2007)
* Passenger traffic totaled 10.9 million in the nine months, an increase of 2.9%. Domestic traffic grew 4.0%; international traffic decreased 2.2%. * Total net revenues increased 6.4% to Ps. 1,502 million. * Cost of services and administrative expenses rose a combined 13.6% to Ps. 570 million, as compared to Ps. 501 million in the same period of 2007. * Operating income decreased 4.5% to Ps. 544 million; the operating margin was 36.2%. * Adjusted EBITDA increased 2.2% to Ps. 812 million, equivalent to a 54.1% margin. * Net income was Ps. 495 million, an increase of 17.4% over the prior year period. Earnings per share were Ps. 1.25, or US$0.91 per American Depositary Share (ADS). * Capital expenditures for the first nine months of 2008 were Ps. 1,880 million. These investments include investments under the Master Development Plan, as well as strategic investments, particularly the acquisition of land reserves in key airports that is essential for ensuring future growth. Cash outflows for capex were Ps. 1,598 million. * Cash and equivalents as of September 30, 2008 were Ps. 289 million.
OMA's full earnings report is available at http://ir.oma.aero
OMA will hold a conference call on October 24, 2008 at 12:30 pm EDT, 11:30 am Mexico City time.
The conference call is accessible by calling (800) 762-8795 toll-free from the U.S. or +1 (480) 629-9039 from outside the U.S. The confirmation code is 3934064. A taped replay will be available through October 31, 2008 at (800) 406-7325 toll free or +1 (303) 590-3030.
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., 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 950 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 third 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.