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Asur Q4 Profits Rise On Passenger Growth

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Mexican airport operator Asur said on Monday its fourth-quarter profit rose 57 percent, helped by a double-digit increase in passenger traffic and lower costs.

The company, which operates Cancun airport and eight others in Mexico's southeast, reported a fourth-quarter profit of MXP665 million pesos (USD$51.7 million), up from MXP424 million pesos in the year-earlier quarter.

Core profit, or earnings before interest, taxes, depreciation and amortization rose 13.83 percent to MXP671.18 million pesos, helped by lower general costs.

Passenger traffic increased 11.06 percent from the year-earlier quarter, the company said.

Revenue slipped 2.23 percent from the same quarter last year to MXP1.336 billion pesos, hurt by an accounting rule that requires Asur to reflect lower returns from infrastructure investments since it cut spending on building projects in the fourth quarter.

(Reuters)

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