Guadalajara, Jalisco, Mexico – Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (“the Company” or “GAP”) recently reported its consolidated results for the third quarter ended September 30, 2020 (3Q20).
COVID-19 Impact
During the third quarter of the year, the COVID-19 pandemic affected the Company’s results, mainly due to the decrease in international and domestic passenger traffic compared to 3Q19. During the quarter, activities that were categorized as non-essential in Mexico in the 2Q20 began to reactivate and the airports began to show improvements in passenger traffic, however, the general population was encouraged to remain at home.
With respect to operations in the Jamaican airports, the Government lifted restrictions on incoming international flights beginning June 15, thus airports began operating normally, but with much lower levels of passenger traffic compared to 3Q19.
The level of recovery in the Company’s operations and results will depend on the duration and containment of the pandemic by the Mexican, Jamaican and U.S. governments, as the main origin-destination. Due to the nature of the pandemic, the Company cannot completely estimate its impact on the financial situation or the operating results of the Company for the short, medium or long term.
3Q20 Company Measures
During the quarter, the Company continued to offer support to the airlines and its commercial clients. For commercial contracts, GAP granted discounts on the guaranteed minimum rent amounts in accordance with the percentage of passenger traffic decrease at each airport, thereby maintaining percentage of participation over revenues.
Additionally, the Company signed rent payment deferral contracts with the commercial clients. With regards to the airlines, GAP implemented an incentive program in accordance with the reactivation of routes and frequencies that were held prior to the pandemic.
The Company was able to limit the cost of services by closing unnecessary operating areas and with the gradual opening of such areas in accordance with the increase in passenger flow, thereby lowering the cost of cleaning services, security, maintenance, electricity, supplies, professional services and other costs.
During 3Q20, all 14 of GAP’s airports were certified in Airport Health Accreditation (AHA) by the Airports Council International (ACI), due to the implementation of strict sanitary security protocols to protect the health of passengers and employees. At the same time, the Company maintained the caliber of its operations and security to ensure a lower contagion risk and provide passengers with the confidence to travel. These measures will remain in place permanently.
Passenger Traffic
During 3Q20, total terminal passengers at the Company’s 14 airports (12 in Mexico, 2 in Jamaica) decreased by 6,144,700 passengers, a decrease of 51.8%, compared to 3Q19. During 3Q20, there were no new route openings.
Domestic Terminal Passengers – 13 airports (in thousands):
*CBX users are classified as international passengers
International Terminal Passengers – 13 airports (in thousands):
*CBX users are classified as international passengers
Total Terminal Passengers – 13 airports (in thousands):
*CBX users are classified as international passengers
Download GAP’s full 3Q20 consolidated results report at aeropuertosgap.com.mx
About Grupo Aeroportuario del Pacífico
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 13 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Sonora; Guanajuato City, Guanajuato; Morelia, Michoacán; Aguascalientes City, Aguascalientes; Mexicali, Baja California and Los Mochis, Sinaloa. In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. On October 10, 2019, GAP assumed control of the Norman Manley International Airport in Kingston, Jamaica.