GAP Posts Drop In Net Quarterly Profit

February 24, 2010

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Mexican airport operator GAP on Wednesday posted an 18 percent drop in fourth-quarter net profit but said it was recovering from last year's flu scare.

The company, Grupo Aeroportuario del Pacifico, said in a stock market filing it earned MXP331 million pesos (USD$25 million) from October-December.

The drop in GAP's net profit was due to lower financial gains as the peso appreciated against the US dollar.

Quarterly revenue edged up 0.7 percent year-over-year to MXP832 million.

GAP said business had begun to pick up following the H1N1 flu scare in the first half of 2010 that led to a slump in travel to Mexico.

Still, total passenger traffic was down 2 percent in the quarter, year on year.

(Reuters)