MONTERREY, Mexico, April 23, 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 first quarter of 2010 today.
Highlights
Total revenues increased 4.9%, with growth in both aeronautical and non-aeronautical revenues, despite the reduction in traffic. OMA generated an EBITDA margin of 53.7% in the quarter. Notable 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 (+87.4%), advertising (+18.5%), and parking (+2.4%). Operating indicators also improved, with increases in the number of takeoffs and landings (+2.1%) and the volume of cargo transported (+37.8%). In addition, the occupancy rate for the NH T2 hotel reached 42.2% for the full quarter.
| 1Q 09 | 1Q 10 | % Var | |
| Terminal passengers (million) | 3.0 | 2.8 | (8.2) |
| Total revenues (Ps. million) | 486 | 510 | 4.9 |
| Income from operations (Ps. million) | 178 | 165 | (7.8) |
| Adjusted EBITDA (Ps. million) | 277 | 274 | (1.1) |
| Adjusted EBITDA margin | 57.0% | 53.7% | |
| Income before taxes | 169 | 152 | (10.0) |
| Consolidated net income (Ps. million) | 149 | 103 | (30.4) |
| Net income of majority interest (Ps. million) | 149 | 105 | (29.7) |
| EPS* (Ps.) | 0.38 | 0.26 | |
| EPADR* (US$) | 0.24 | 0.17 | |
| Capital Expenditures (Ps. million) | 254 | 123 | |
| *Based on weighted average shares outstanding | |||
| See: Notes and disclaimers | |||
- Passenger traffic decreased 8.2% to 2.8 million. Domestic traffic decreased 9.3% and international traffic decreased 4.2%.
- Five new commercial spaces and one new passenger service opened in our airports. The NH T2 hotel occupancy rate reached 42.2% for the quarter and 52.3% in March.
- DHL began cargo operations at the Monterrey airport on January 18, contributing to and increased cargo volumes and revenue growth at OMA Carga.
- Total revenues increased 4.9% to Ps. 510 million. Aeronautical revenues per passenger increased 10.1%, and non-aeronautical revenues per passenger increased 32.6%. Monterrey, OMA's principal airport, contributed 40.3% of revenues.
- Total operating costs and general and administrative (GA) expenses increased 16.2% to Ps. 197 million in 1Q10, 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 8.1%, as a result of expenses related to international Aerodrome Certification, among other initiatives.
- Operating income decreased 7.8% to Ps. 165 million as a result of the increase in costs and GA expenses, and higher depreciation and amortization; the operating margin was 32.3%.
- Adjusted EBITDA decreased 1.1% to Ps. 274 million, similar to the Ps. 277 million in 1Q09. The Adjusted EBITDA margin was 53.7%.
- Consolidated net income was Ps. 103 million, a decrease of 30.4% as compared to the prior year period. The decrease was principally due to higher operating costs and expenses, increased financial expense, and a higher tax provision. Earnings per share were Ps. 0.26, or US$0.17 per American Depositary Share (ADS).
- Capital expenditures were Ps. 123 million in 1Q10. Bank financing provided a portion of the resources used for capital expenditures.
The full earnings report is available at http://ir.oma.aero.
OMA (Nasdaq:OMAB) (BMV:OMA) will hold a conference call on April 26, 2010 at 10:00 am Eastern time, 9:00 am Mexico City time.
The conference call is accessible by calling (877) 941-4775 toll-free from the U.S. or +1 (480) 629-9761 from outside the U.S. The conference ID is 4285660. A taped replay will be available through May 3, 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 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., known as 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 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 Aeroports de Paris Management, subsidiary of 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.