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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.
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 Session Operator (Operator Instructions). Your first question comes from the line of (inaudible) from Goldman Sachs. Please proceed. Unidentified Analyst I 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