Excluding construction cost, operating cost will have risen by 11.9%. Remember that including this line item, all the cost associated with the volume of our convenience, those which posted higher sales and then higher cost during the period.
Higher energy cost and expenses in connection with our participation in international bidding processes, also job increasing cost. EBITDA was up by 22.4% this quarter with EBITDA margin up by 66 basis points year-on-year to 64.4%. This quarter we invested 152.35 million pesos and we continue with the terminal expansions in Veracruz, Villahermosa, Mérida and Wahaca Airports.
We also closed the quarter with a strong balance sheet with cash and cash equivalents up 35.3% to 2.1 billion pesos and bank debt of 6.174 (ph) million. Finally our Board of Directors has also proposed a 3.6 pesos per share as dividend for the ordinary shares and B shares. IT will be disclosed at our next shareholders meeting that will take place tomorrow.
Now let me open the floor for questions. Please Jesenia (ph), go ahead.Question-and-Answer SessionOperator(Operator Instructions). Your first question comes from the line of (inaudible) from Goldman Sachs. Please proceed.Unidentified AnalystI have two questions. The first one is referring to commercial revenues. We saw that commercial revenues per passenger grew (inaudible) during the first quarter. We wonder if it's a seasonal or if you see that a strong growth is supposed to continue in the coming quarters. And the second question is regarding the five year investment plan that’s supposed to end next year. What is (inaudible) discussions with the government to the new plan and what are your thoughts on that?Read the rest of this transcript for free on seekingalpha.com
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