The following is a summary of the Grupo Aeroportuario Del Sureste, S. A. B. De C. V. (ASR) Q2 2024 Earnings Call Transcript:
Financial Performance:
ASUR reported a revenue increase of nearly 18% to MXN7 billion in Q2 2024, with Colombia, Mexico, and Puerto Rico driving the top-line growth.
Net majority income increased by 50% year-on-year to MXN3.7 billion, also benefiting from a foreign exchange gain of nearly MXN950 million due to the peso depreciation.
EBITDA increased by 18% to MXN5 billion, with adjusted EBITDA margin remaining stable at 69%.
Business Progress:
ASUR experienced a 3% increase in passenger traffic, reaching 18 million passengers, a record high for the second quarter.
Key projects include expansion of Cancun Airport's Terminal 4 and the reconstruction and expansion of Terminal 1, and expansion at Riohacha Airport.
Implementation of various sustainability initiatives, including compliance with ESG reporting and partnership renewals affecting local communities and environmental efforts.
Opened 45 new commercial spaces, contributing to a 7% increase in commercial revenues, with notable growth in Colombia.
Opportunities:
Continued recovery and growth in passenger traffic, especially in Colombia, driven by increased domestic and international segments, and expected normalization in Puerto Rico post-Frontier Airlines operations ramp-up.
Risks:
Challenges include the impact of Pratt & Whitney engine issues and capacity reductions at Mexico City Airport, which are expected to negatively affect domestic traffic.
Potential negative traffic impacts from U.S. election rhetoric criticizing Mexico, which could influence U.S. international bond traffic.
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