Grupo Aeroportuario del Pacífico non-aeronautical revenue booms in Q1
Grupo Aeroportuario del Pacífico (GAP), the operator of 12 Mexican airports, posted an 8% upswing in revenues to Ps3,407.7 million (US$180 million) in the first quarter, compared to the year-ago period.
For the quarter ended March 31, 2019, non-aeronautical services revenues jumped by Ps152.2 million (US$8m), or 20.3%, while total revenues increased by Ps271.4 million (US$14.3 million), or 8%.
The Mexican airports contributed an increase of Ps131.5 million (US$6.9 million), or 21.3%, compared to Q1 2018, mainly driven by an uptick of Ps80.9 million (US$4.2 million) in revenues from businesses operated by third parties.
This was mainly due to the opening of commercial spaces, mainly at Guanajuato, Guadalajara and Tijuana airports, which resulted in a combined rise of Ps71.6 million (US$3.8 million) in revenues from car rentals, food and beverage operations, retail stores and duty free outlets.
Revenues in dollars from VIP lounges, timeshares, duty free stores and car rentals rose by a combined 18%, generating an increase in non-aeronautical services revenues of Ps38.8 million (US$2.1 million), or 21%.
Revenues from businesses operated directly by the company climbed by Ps37.7 million (US$2 million), or 26%, mainly driven by a pick-up in the number of visitors at the VIP lounges, and an increase in car parking and convenience store revenues.
EBITDA margin generated by VIP lounges and convenience stores rose from 64% in Q1 2018 to 66% in Q1 2019.
In Q1 2019, revenues from the Montego Bay airport, in which Grupo Aeroportuario del Pacífico holds a majority stake, increased by Ps20.7 million (US$1.1 million), or 15.8%, compared to Q1 2018, driven by a 17.2% upswing in revenues from duty free outlets, retail stores, leasing of space and food and beverage, as well as the 2.5% peso depreciation against the US dollar during the quarter.