MONTERREY, Mexico, April 28, 2009 (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 first quarter of 2009 today.
The year 2009 began with enormous challenges for the air transport industry. The potential positive effect from the fall in oil prices was offset by the depreciation of the peso and the global economic recession. Both factors, as well as the reduction in available seats resulting from the end of operations of four Mexican airlines and the departure of some U.S. carriers from our airports last year, contributed to a reduction in passenger traffic in the first quarter of 2009.
The effect of decreasing passenger traffic on revenues was partially offset by initiatives undertaken in 2008 and the first part of 2009 to increase revenues and to control costs. Even though operating income decreased as a result of a higher level of depreciation and amortization, EBITDA and EBITDA margin were maintained at levels similar to those achieved in the first quarter of 2008.
1Q 08 1Q 09 % Var.
Terminal passengers (million) 3.7 3.0 (18.7)
---------------------------------------------------------
Total revenues (Ps. million) 502 486 (3.2)
Income from operations 204 180 (12.0)
---------------------------------------------------------
Adjusted EBITDA 289 278 (3.7)
Adjusted EBITDA margin 57.5% 57.2%
---------------------------------------------------------
Income before taxes 332 169 (49.1)
---------------------------------------------------------
Net Income (loss) 270 149 (45.0)
EPS* (Ps.) 0.68 0.38
EPADS* (US$) 0.38 0.21
---------------------------------------------------------
Capital Expenditures 597 254
---------------------------------------------------------
*Based on weighted average shares outstanding
See: Notes and disclaimers
Highlights
First quarter 2009 (compared to the first quarter of 2008)
* Passenger traffic totaled 3.0 million in the quarter, a decrease
of 18.7%. Domestic traffic decreased 18.2%; international traffic
decreased 20.6%.
* Total net revenues were Ps. 486 million, a reduction of 3.2% from
the year ago period. Aeronautical revenues decreased 3.8%, and
non-aeronautical revenues decreased 0.7%.
* Cost of services and administrative expenses decreased a combined
2.5% to Ps. 168 million, as compared to Ps. 173 million in the
same period of 2008.
* Operating income decreased 12.0% to Ps. 180 million; the
operating margin was 37.0%.
* Adjusted EBITDA decreased 3.7% to Ps. 278 million, equivalent to
a 55.9% margin.
* Net income was Ps. 149 million, a 45% reduction as compared to
the prior year period. Earnings per share were Ps. 0.38, or
US$0.21 per American Depositary Share (ADS).
* Capital expenditures were Ps. 254 million.
* Cash and equivalents as of March 31, 2009 were Ps. 228 million.
OMA's complete earnings report is available at http://ir.oma.aero
OMA (Nasdaq:OMAB) (BMV:OMA) will hold a conference call on April 29, 2009 at 11:00 a.m. EDT, 10:00 a.m. Mexico City time.
The conference call is accessible by calling (877) 941-2333 toll-free from the U.S. or +1 (480) 629-9726 from outside the U.S. The conference ID is 4065029. A taped replay will be available through May 6, 2009 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 press release 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 first 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 first 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.