Q2 2024 Grupo Aeroportuario del Sureste SAB de CV Earnings Call Transcript
Key Points
- Passenger traffic reached a record high for the second quarter, with nearly 18 million passengers, driven by strong growth in Puerto Rico and Colombia.
- Total revenues increased by nearly 18% to MXN7 billion, with Colombia showing top-line growth in the 30s due to international traffic recovery.
- Commercial revenues per passenger increased by 5% year-on-year, with Mexico reporting record high commercial revenues per passenger.
- Consolidated EBITDA rose by 18% year-on-year to MXN5 billion, with a strong performance across all regions.
- Grupo Aeroportuario del Sureste SAB de CV (ASR) maintained a healthy financial position with cash and cash equivalents of nearly MXN15 billion after significant dividend payments.
- Passenger traffic in Mexico declined by close to 5%, with contractions in both international and domestic traffic.
- The ongoing issues with Pratt & Whitney engines and capacity reduction at Mexico City Airport negatively impacted traffic.
- Cost and expenses increased nearly 30% year-on-year, driven by higher concession fees and minimum wages in Mexico.
- Traffic from the US to Cancun is expected to be negatively affected by political rhetoric during the US election campaign.
- The legal process regarding the Punta Cana project is ongoing, with the project put on hold for at least one year.
Good day, ladies and gentlemen, and welcome to ASUR's second quarter 2024 results conference call. My name is Ezequiel, and I'll be operator at this time. (Operator Instructions) As a reminder, today's call is being recorded. Now I'd like to turn this call over to Mr. Adolfo Castro, Chief Executive Officer. Please go ahead, sir.
Thank you, Ezequiel. And good morning, everyone. Before I begin discussing our results, let me remind you that certain statements made during this call may constitute forward-looking statements, which are based on current management expectations and beliefs and are subject to several risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our company's control.
Additional details about our quarterly results can be found in our press release, which was issued yesterday after market close and is available on our website in the Investor Relations section. Following my presentation, I will be
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