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Grupo Aeroportuario Del Sureste's CEO Discusses Q1 2012 Results - Earnings Call Transcript

With respect to corporate matters our holders of actual B shares ITA have the right to elect two board members while holder of 10% of ASUR's B shares can elect one member of our Board of Directors. As a result ITA, Grupo ADO and Fernando Chico have nominated the following people to ASUR's Board of Directors. Fernando Chico Pardo and his alternate (inaudible) Jose Antonio Anton and his alternate (inaudible), Luis Chico Pardo and (inaudible). These appointments will be made at tomorrow's annual shareholders meeting.

Turning now to the results this was a very good quarter. Passenger traffic was up by 10.4% year-on-year to a $5.1 million record high. Growth was mainly driven by the 19.8 rise in domestic traffic which reached 1.8 million passengers this quarter, the second highest quarter, following the peak of $1.9 million achieved in 2008.

All airports performed well with domestic traffic particularly strong at Cancun, Merida and (inaudible) airports. In fact domestic traffic at Cancun has fully recovered from the negative impact of the disruption of (inaudible) and the last 12 months passenger traffic now exceeded the peak post in 2008.

The smaller airports however still reflect the impact of lack of domestic airlines seat capacity. International traffic was up by 0.8% to 3.3 million passengers, also a record high this quarter. The share of international passenger traffic however down to 65% of the total traffic from the 67% in the first quarter 2011. Passenger traffic between Mexico, Canada and the United States represented 89% of the total traffic compared with 90% a year ago.

Consolidated revenues were up by 20.9% this quarter driven by revenue growth across the board. Excluding construction total revenue will have increased 19.4%. Commercial revenues for passenger rose to 75.63 pesos, another record high. Operating cost and expenses rose 15.9% year-on-year mainly due to higher construction cost and cost of services.

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