OMA Reports Third Quarter 2010 Earnings
MONTERREY, Mexico, Oct. 19, 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 third quarter and first nine months of 2010 today.
Unless otherwise stated, all references are to the third quarter of 2010 (3Q10), and all percentage changes are with respect to the same period of the prior year. The exchange rate used for converting amounts in U.S. dollars was Ps. 12.4801 per US$.
HighlightsDuring the third quarter of 2010, passenger traffic grew 4.3%, the total number of takeoffs and landings increased 7.1%, and cargo volume rose 28.9%. Total revenues increased 16.6%, with growth in both aeronautical (+11.6%) and non-aeronautical (+38.1%) revenues. Noteworthy were the increased revenues generated by the NH Terminal 2 Hotel at the Mexico City International Airport ("NH T2 hotel"), other leases (+24.9%), advertising (+21.9%), restaurants (+24.5%), and OMA Carga (+49.6%), as well as increases in passenger charges. As a result of the bankruptcy filing by the airlines of Grupo Mexicana (Mexicana de Aviacion, Click Mexicana, and Mexicana Link) and their suspension of operations, the Company created a provision for Ps. 145.1 million, equivalent to 100% of Grupo Mexicana receivables. This provision is recorded under cost of services and affected operating income and Adjusted EBITDA, and caused a net loss for the quarter.
|3Q 09||3Q 10||% Var||9M 09||9M 10||% Var|
|Terminal passengers (million)||3.0||3.1||4.3||8.7||8.8||0.6|
|Total revenues (Ps. million)||488||569||16.6||1,414||1,608||13.8|
|Adjusted EBITDA (Ps. million)||265||159||(39.8)||750||704||(6.1)|
|Adjusted EBITDA margin (%)||54.2%||28.0%||53.1%||43.8%|
|Adjusted EBITDA excluding provision (1) (Ps. million)||265||304||15.0||750||849||13.2|
|Adjusted EBITDA margin excluding provision (1) (%)||54.2%||53.5%||53.1%||52.8%|
|Income from operations (Ps. million)||163||44||(72.7)||450||365||(18.8)|
|Income from operations excluding provision (1) (Ps. million)||163||190||16.5||450||510||13.5|
|Consolidated net income (Ps. million)||108||(5)||n/a||307||184||(40.2)|
|Net income of majority interest (Ps. million)||108||(4)||n/a||307||186||(39.5)|
|Capital Expenditures (Ps. million)||169||104||587||338|
|(1) Provision for doubtful accounts as a result of the bankruptcy filing by the Grupo Mexicana airlines was Ps.145.1 million and is not a cash outflow|
|*Based on weighted average shares outstanding|
- Passenger traffic increased 4.3% to 3.1 million. Domestic traffic increased 2.7% and international traffic increased 14.9%.
- Terminal B of the Monterrey airport started operations on September 1, 2010. Aeromexico, Aeromexico Connect, and Delta are operating at this new Terminal.
- Twenty-two new commercial spaces and passenger service establishments opened in our airports. The NH T2 hotel occupancy rate reached 70.7% for the quarter and 83.0% in September.
- Airfreight volumes and OMA Carga revenues increased 28.9% and 49.6%, respectively, principally as a result of the operation of DHL's cargo hub in Monterrey.
- Total revenues increased 16.6% to Ps. 569 million. Aeronautical revenues per passenger increased 7.1%, and non-aeronautical revenues per passenger increased 32.4%. Monterrey, OMA's principal airport, contributed 45.7% of revenues.
- OMA created a provision for doubtful accounts of Ps. 145.1 million, equal to 100% of the amounts owed to OMA by the Grupo Mexicana airlines as of September 30, 2010. This provision, included in cost of services, reduced operating income and Adjusted EBITDA, and resulted in a net loss for the quarter.
- Total operating costs and general and administrative expenses reached Ps. 374 million, including the Grupo Mexicana provision and the Ps. 18 million for hotel operating costs. Operating costs and GA expenses other than for the provision and hotel costs increased 14.9%, principally as a result of the start of operations of Terminal B and the Operations Control Center in Monterrey.
- Adjusted EBITDA was Ps. 159 million, with an adjusted EBITDA margin of 28.0%. Operating income was Ps. 44 million, with an operating margin of 7.8%. Adjusted for the effect of the provision for doubtful accounts, Adjusted EBITDA would be Ps. 304 million with a margin of 53.5%, and operating income would be Ps.189 million with a margin of 33.3%.
- As a result of the provision for the bankruptcy of the Grupo Mexicana airlines, the consolidated net loss was Ps. 5 million. Loss per share was Ps. 0.01, or US$0.01 per American Depositary Share (ADS).
- Capital expenditures were Ps. 104 million in 3Q10. Bank financing provided a portion of the resources used for capital expenditures.
- Website: http://www.oma.aero
- Twitter: http://twitter.com/OMAeropuertos
- Facebook: http://www.facebook.com/pages/OMA/137924482889484
CONTACT: Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Jose Luis Guerrero Cortes, CFO +52.81.8625.4300 ext.308 firstname.lastname@example.org Zemi Communications Daniel Wilson +1.212.689.9560 email@example.com
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