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OMA Reports Fourth Quarter And Full Year 2010 Earnings

Stocks in this article: OMAB

MONTERREY, Mexico, Feb. 25, 2011 (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 fourth quarter and full year 2010 today. 1

During 2010, OMA's business initiatives effectively counteracted the difficult environment facing the air transport industry. These initiatives focused on maximizing regulated aeronautical revenues through promoting route development and optimizing rates, and improving the commercial offering and improving the passenger experience in order to grow non-aeronautical revenues.

  4Q 09 4Q 10 % Var 2009 2010 % Var
Terminal passengers (million)  2.8  2.8  0.6  11.5  11.6  0.6
Total revenues (Ps. million)  483  817  69.2  1,896  2,651  39.8
Total revenues ex INIF 17 (Ps. million)  483  536  11.0  1,896  2,144  13.1
Adjusted EBITDA (Ps. million)  221  227  2.5  971  941  (3.1)
Adjusted EBITDA margin (%) 45.8% 27.8%   51.2% 35.5%  
Adjusted EBITDA ex INIF 17 (%) 45.8% 42.3%   51.2% 43.9%  
Income from operations (Ps. million)  110  96  (12.6)  559  471  (15.8)
Consolidated net income (Ps. million)  163  368  126.5  470  552  17.6
Net income of majority interest (Ps. million)  164  367  124.6  471  553  17.5
EPS* (Ps.)  0.41  0.92    1.19  1.39  
EPADS* (US$)  0.27  0.59    0.77  0.90  
Capital Expenditures (Ps. million)  281  498    868  732  
*Based on weighted average shares outstanding            
See: Notes and disclaimers            

OMA generated strong revenue growth for both the fourth quarter and full year 2010 results, despite the indefinite suspension of operations of Grupo Mexicana in August 2010, which dampened the recovery of air traffic volumes. Passenger traffic increased 0.6% in both the quarter and full year, while the number of flight operations decreased 1.6% in the fourth quarter and increased 5.5% in the year.

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