Grupo Aeroportuario del Pacifico, S.A.B. de C.V. Amer. Dep. Shares (each rep. 10 Ser. B shares) - PAC STOCK NEWS

Grupo Aeroportuario del Pacifico (NYSE: PAC) has concluded the review process for its Master Development Program and Maximum Tariffs for Mexican airports from 2025-2029. The Federal Civil Aviation Agency approved maximum tariffs per workload unit for each airport, based on traffic projections, operating costs, and capital investments. The tariffs will be adjusted by an annual efficiency factor of 0.8% and updated per the National Producer Price Index.

The company also announced committed investments for each airport, totaling 43,184,959 thousand pesos over the five-year period. These investments will be updated per the National Producer Price Index, construction sector, upon execution. GAP operates 12 airports in Mexico's Pacific region and has stakes in two Jamaican airports.

Grupo Aeroportuario del Pacifico (NYSE: PAC) reported a 5.6% decrease in total terminal passengers for July 2024 compared to July 2023. Key highlights include:

- Total passengers decreased from 5,999,400 to 5,663,100
- Domestic passengers declined by 7.8%
- International passengers decreased by 2.6%
- Tijuana, Los Cabos, and Puerto Vallarta airports saw decreases of 7.9%, 5.8%, and 3.3% respectively
- Montego Bay airport experienced a 13.7% decrease

The decline is primarily attributed to preventive revisions of Pratt & Whitney engines in A320neo and A321neo fleets, and Hurricane Beryl's impact on Jamaican airports. Despite the overall decrease, some airports like La Paz and Los Mochis saw increases in passenger traffic.

Grupo Aeroportuario del Pacifico (NYSE:PAC; BMV: GAP) has released its Green Bond Report, detailing the allocation of resources and impact of projects financed by the Ps. 1,500 million Green Bond issued on October 15, 2021 (ticker: GAP 21V). The report, aligned with GAP's Green Bond Framework, is available on the company's website under the 'Investors' section.

GAP operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, tourist destinations such as Puerto Vallarta and Los Cabos, and six mid-sized cities. The company expanded internationally in 2015 by acquiring a majority stake in Jamaica's Sangster International Airport, and in 2019 began operating Norman Manley International Airport in Kingston.

Grupo Aeroportuario del Pacífico (NYSE: PAC) has announced significant amendments to its Concession Agreement with the Airports Authority of Jamaica for the Montego Bay and Kingston Airports. These changes come as a response to the impact of the COVID-19 pandemic on airport operations.

Key amendments include:

• Montego Bay Airport: Concession Period extended by one year, now expiring in March 2034
• Kingston Airport: Concession Fee reduced from 62.01% to 53.22% of Gross Revenues, effective September 11, 2023

The reduction in Kingston's Concession Fee will be applied retroactively, with excess payments reimbursed once the runway extension project begins. This change will be reflected in GAP's 2024 Income Statement.

Grupo Aeroportuario del Pacífico (PAC) reported its unaudited Q2 2024 results, showing a 13.2% decrease in total revenues to Ps. 7,259 million. Aeronautical services revenue dropped by 7.7%, while non-aeronautical services increased by 10.6%. However, total passenger traffic decreased by 3.9%. Operating costs fell by 14.9%, yet the cost of services rose by 17.3%. EBITDA decreased by 8.3% to Ps. 4,198 million, with an EBITDA margin of 66.8%. Despite these declines, comprehensive income surged by 41.0% to Ps. 2,894 million, affected by foreign currency translation gains. Net income dropped by 9.5% to Ps. 2,253 million.

New routes were opened in Q2, and the company refinanced credit facilities worth Ps. 2,500 million. The acquisition of 51.5% of Guadalajara World Trade Center was completed via a Ps. 875 million credit line. Financial results saw a net expense increase of 30.5%. The company reports cash and equivalents of Ps. 12,585 million as of June 30, 2024.

Grupo Aeroportuario del Pacífico (GAP), which operates 12 airports in Mexico's Pacific region, has refinanced a Ps. 1.0 billion credit facility with Banco Nacional de México (Citibanamex). The refinancing extends the maturity date by 12 months, with interest payable monthly at a variable rate of TIIE-28 plus 18 basis points. Principal repayment is due on July 10, 2025. This refinancing ensures continued financial flexibility for GAP, a company with listings on both the New York Stock Exchange (PAC) and the Mexican Stock Exchange (GAP).

Grupo Aeroportuario del Pacífico (NYSE: PAC; BMV: GAP) announced the payment date for the first installment of a capital stock reduction, approved during the Extraordinary Shareholders’ Meeting on April 25, 2024. Shareholders will receive Ps. 13.86 per outstanding share, with the payment divided into two installments. The first installment of Ps. 6.93 per share will be paid on July 23, 2024. This capital reduction payment marks the thirty-eighth such payment by the company.

GAP operates 12 airports across Mexico’s Pacific region and additional international operations in Jamaica. Since its NYSE listing in February 2006, the company has expanded its portfolio, including significant acquisitions and concession agreements for major airports.

Grupo Aeroportuario del Pacifico (GAP) reported a 1.9% decrease in total terminal passenger traffic for June 2024 compared to June 2023. This decline was seen across most of GAP's 12 Mexican airports, with Tijuana and Los Cabos experiencing significant decreases of 5.8% and 0.4%, respectively. However, Puerto Vallarta and Guadalajara airports saw slight increases of 0.7% and 0.5%, respectively. The seats available during June 2024 decreased by 6.2%, but the load factor improved to 83.4%, up from 79.7% in June 2023.

On a year-to-date basis, total terminal passengers also decreased by 1.9% compared to the same period in 2023. The most notable decreases were observed in Morelia and Mexicali, with declines of 27.7% and 35.8%, respectively. Despite the overall decline, international passenger traffic showed a modest increase of 1.7% compared to June 2023.

Grupo Aeroportuario del Pacífico (GAP) announced that Hurricane Beryl caused no major damage to its Montego Bay and Kingston airports in Jamaica. Both airports were closed from midnight on July 2 to July 3 as a precaution. The Montego Bay airport resumed operations on July 3 at 6:00 p.m., while Kingston Airport, which sustained minor roof damage, will reopen on July 5 at 5:00 a.m. GAP's property insurance covers natural disasters, so no significant economic impact is expected. The hurricane's center is now more than 100 km southwest of Negril Point, Jamaica.