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Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) announces results for the third quarter 2010

Direct News Source

27-Oct-2010 Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) today reported its results for the third quarter ended September 30, 2010.

Figures are unaudited and have been prepared in accordance with Mexican Financial Reporting Standards ("NIF"). All amounts are presented in nominal pesos.

Highlights for Third Quarter 2010 vs. Third Quarter 2009:

* Total revenues, without considering the effects of INIF-17 (see "Changes to accounting policy"), increased 18.3% (Ps. 144.7 million), mainly due to a 20.6% (Ps. 127.6 million) increase in revenues from aeronautical services, while non-aeronautical service revenues increased 9.9% (Ps. 17.1 million).

* Cost of services increased 30.7% (Ps. 59.7 million), mainly as a result of a Ps. 48.8 million increase in other operating costs and an increase in cost of services of Ps. 4.8 million.

* Cost of government concession taxes rose 18.4% (Ps. 7.2 million) in 3Q10, as a consequence of the increase in revenues from aeronautical and non aeronautical services. Similarly, the technical assistance fee increased 13.9% (Ps. 3.9 million).

* Operating income increased 22.1% (Ps. 70.2 million).

* EBITDA increased 13.9% (Ps. 73.8 million), from Ps. 529.4 million in 3Q09 to Ps. 603.2 million in 3Q10, primarily due to an increase in revenues from aeronautical and non aeronautical services. The EBITDA margin, without considering the effects of INIF-17, decreased from 66.9% in 3Q09 to 64.5% in 3Q10.

* Net income increased 3.3%, (Ps. 10.4 million), while net income before taxes increased Ps. 61.8 million; growth was impacted by increases in income taxes of Ps. 51.4 million, derived from the increases in current and deferred income tax during the 3Q10.