MONTERREY, Mexico, July 23, 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 second quarter and first six months of 2009 today.
Faced with an adverse environment in the air transport industry, OMA's revenue and cost control initiatives partially offset the impact on results of the decrease in passenger traffic. These initiatives included measures to protect aeronautical revenues, expand and improve sources of non-aeronautical revenue, and to adjust costs and operating expenses to market conditions. These measures resulted in revenues and Adjusted EBITDA decreasing at a slower rate than traffic, and mitigated the impact on the Adjusted EBITDA margin during the second quarter and first six months of 2009.
2Q 08 2Q 09 % Var. 6M 08 6M 09 % Var.
Terminal passengers
(million) 3.7 2.7 (26.1) 7.4 5.8 (22.3)
Total revenues (Ps. million) 504 440 (12.7) 1,006 926 (8.0)
Income from operations 170 109 (36.0) 374 288 (22.9)
Adjusted EBITDA 267 209 (21.9) 556 487 (12.5)
Adjusted EBITDA margin 53.0% 47.4% 55.3% 52.6%
Income before taxes 187 113 (39.4) 519 282 (45.7)
Net Income 95 50 (46.8) 365 199 (45.5)
EPS* (Ps.) 0.24 0.13 0.92 0.50
EPADS* (US$) 0.14 0.08 0.56 0.31
Capital Expenditures
(Ps. million) 1,120 164 1,718 417
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*Based on weighted average shares outstanding
See: Notes and disclaimers
Second quarter 2009 (compared to the second quarter of 2008)
* Passenger traffic decreased 26.1% to 2.7 million in the quarter. Domestic traffic decreased 24.9%; international traffic decreased 33.1%. In addition to the adverse environment confronting the air transport industry since 2008, traffic was affected by the outbreak of the A(H1N1) flu virus in April 2009. * Total revenues decreased less than passenger traffic. Revenues were Ps. 440 million, a reduction of 12.7%. Aeronautical revenues decreased 13.0% and non-aeronautical revenues decreased 11.3%. Monterrey, OMA's principal airport, contributed 40.3% of revenues, followed by Culiacan with 7.1%. * Total operating costs and expenses decreased 0.9%, to Ps. 332 million. OMA put in place measures to control costs and expenses to minimize the impact on margins of rising prices and the reduction in passenger traffic. These measures included reductions in consumption of energy, water, and materials and supplies, among others. * Operating income decreased 36.0% to Ps. 109 million; the operating margin was 24.7%. * Adjusted EBITDA decreased 21.9% to Ps. 209 million, equivalent to a 47.4% margin. * Consolidated net income was Ps. 50 million, a reduction of 46.8% as compared to the prior year period. Earnings per share were Ps. 0.13, or US$0.08 per American Depositary Share (ADS). * Capital expenditures were Ps. 164 million.
First six months 2009 (compared to first six months 2008)
* Passenger traffic totaled 5.8 million, a decrease of 22.3%. Domestic
traffic decreased 21.6%, and international traffic decreased 25.7%.
* Total revenues decreased 8.0% to Ps. 926 million. Aeronautical
revenues decreased 8.4%, and non-aeronautical revenues decreased
6.1%.
* Total operating costs and expenses were maintained at levels similar
to those in the first semester of 2008, increasing 0.8% to Ps. 638
million.
* Operating income decreased 22.9% to Ps. 288 million; the operating
margin was 31.1%.
* Adjusted EBITDA decreased 12.5% to Ps. 487 million, equivalent to a
52.6% margin.
* Consolidated net income was Ps. 199 million, a reduction of 45.5% as
compared to the prior year period. Earnings per share were Ps. 0.50,
or US$0.31 per ADS.
* Cash and cash equivalents were Ps. 311 million as of June 30, 2009.
* Accounts receivable decreased 30.4% as compared to the prior year
period, reflecting increased collection efforts.
* Capital expenditures were Ps. 417 million.
* OMA incurred debt to finance its investments. As of June 30, 2009,
total debt was Ps. 633 million in short- and long-term bank loans.
* Accounts payable to suppliers and related parties decreased 31.5%
and 9.5%, respectively.
OMA's full second quarter 2009 earnings report is available on the
Investor Relations section of OMA's website, http://ir.oma.aero.
OMA (Nasdaq:OMAB) (BMV:OMA) will hold a conference call on July 24, 2009 at 10:00 am EDT, 9:00 am Mexico City time.
The conference call is accessible by calling (877) 941-6010 toll-free from the U.S. or +1 (480) 629-9772 from outside the U.S. The conference ID is 4117804. A taped replay will be available through July 31, 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 second 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 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.