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Grupo Aeroportuario Del Sureste Management Discusses Q3 2011 Results - Earnings Call Transcript

At Cancún however, domestic traffic has reached a new historical peak despite the Mexicana effect. International traffic was, in our opinion, very strong this quarter particularly during the month of September which was the high and events of passenger traffic process. The share of international passenger traffic fell to 51.2% of the total traffic from 52.9% in the third quarter 2010.

Passenger traffic between Mexico, Canada and the United States represented 80% – 87% of the total traffic compared with 87 process since a year ago. Looking ahead, we continue to see capacity constraints on domestic market particularly at the small airports until the end of the year 2012. Even in Mexicana and Aviacsa reinstate operations this year.

On international front, considering the cold uncertainties and the economic turmoil, the third quarter was a quite mood and even difficult to predict whether this will continue. Consolidated revenues rose 9.8% this quarter driven by revenue growth across the board. Excluding construction services, total revenue would have increased 13%. Commercial revenues per passenger were up to Ps64.4, the third highest ever – profit ever.

Operating cost and expenses fell 15.2% year-on-year, mainly due to the cost of services. Remember that that as a result of the bankruptcy of Mexicana in the third quarter 2010, we have created our reserve, we adopted accounts which did not impact this quarter results. As a result, EBITDA rose 44.9% this quarter with EBITDA margin up to 56.1% from the 42.5% achieved in the second quarter 2010. In terms of CapEx, this quarter we invested Ps.144.6 million as we continue with the terminal expansions in the Veracruz, Villahermorsa, Merida and Oaxaca airports regarding the first quarter 2010.

Finally, we closed this quarter with a strong balance sheet with cash and cash equivalents up to 13.2% to Ps. 1.7 billion while the bank debt was Ps. 788.5 million.

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