ASUR Updates About Impact of Grupo Mexicana’s Suspension of Operations
MEXICO CITY, Sept. 8 /PRNewswire-FirstCall/ – Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR), (ASUR) the first privatized airport group in Mexico and operator of Cancun Airport and eight other airports in southeast Mexico, today announced that on September 7, 2010, Compania Mexicana de Aviacion, S.A. de C.V. has been granted bankruptcy protection and that Mexicana Inter, S.A. de C.V. and Aerovias Caribe, S.A. de C.V. have also filed for bankruptcy protection.
Mexicana, Aerovias Caribe and Mexicana Link (“Grupo Mexicana”), which operated in all of ASUR’s airports with the exception of Tapachula, represented 10.88% of the Company’s revenues for the eight month period ended August 31, 2010, primarily from domestic passengers.
ASUR estimates that Ps.132.54 million in accounts receivable could be at risk of not being recovered as of August 31, 2010. As a result, during the third quarter of fiscal year 2010 ASUR will make corresponding provisions for each of the three companies through which Grupo Mexicana operated.
ASUR believes that the majority of the routes operated by Grupo Mexicana were also operated by other carriers and thus the ultimate impact from the suspension of operations will not be in the same proportion as the number of flights cancelled. However, the Company cannot be sure that competing carriers will seek to increase their flight schedules or of the impact that this could have on the Company’s business and results of operations, which could be adversely affected if traffic does not migrate to its other airline customers.
Below is a table with the number of routes operated by Grupo Mexicana before its suspension of operations on August 28, 2010 and the number of other airlines currently flying each of those routes.
Origin /Destination ASUR Number of airlines flying the same route today Cd. Mexico Cancun 3 Miami / Ft. Lauderdale Cancun 3 Chicago Cancun 3 New York (JFK, EWR) Cancun 3 Washington Cancun 3 Cd. de Mexico Merida 3 Cd. de Mexico Huatulco 3 Los Angeles Cancun 2 La Habana Cancun 2 Cd. de Mexico Veracruz 2 Cd. de Mexico Villahermosa 2 Cd. de Mexico Minatitlan 1 Cd. de Mexico Oaxaca 1 Puebla Cancun 1 Cancun Merida 1 Villahermosa Merida 1 Guadalajara Veracruz 1 Veracruz Villahermosa 1 Bogota Cancun 0 San Jose, C.R. Cancun 0 Guatemala Cancun 0
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a Mexican airport operator with concessions to operate, maintain and develop the airports of Cancun, Merida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlan in the southeast of Mexico. The Company is listed both on the NYSE in the U.S., where it trades under the symbol ASR, and on the Mexican Bolsa, where it trades under the symbol ASUR. One ADS represents ten (10) series B shares.
Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR’s filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.
SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.