GUADALAJARA, Mexico, April 22, 2024 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC, BMV:GAP) ("the Company" or "GAP") reports its consolidated results for the first quarter ended March 31, 2024 (1Q24). Figures are unaudited and prepared following International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Summary of Results 1Q24 vs. 1Q23 The sum of aeronautical and non-aeronautical services revenues increased by Ps. 156.9 million, or 2.4%. Total revenues increased by Ps. 155.0 million, or 1.9%. Cost of services increased by Ps. 105.3 million, or 10.9%. Income from operations decreased by Ps. 92.1 million, or 2.3%. EBITDA decreased by Ps. 47.2 million, or 1.0%, a decrease from Ps. 4,696.1 million in 1Q23 to Ps. 4,648.9 million in 1Q24. EBITDA margin (excluding the effects of IFRIC-12) went from 72.3% in 1Q23 to 69.8% in 1Q24. Comprehensive income increased by Ps. 14.3 million, or 0.7%, from an income of Ps. 2,149.9 million in 1Q23 to an income of Ps. 2,164.2 million in 1Q24. Company's Financial Position: In 1Q24, the generation of positive net cash flow from operating activities continued for Ps. 4,534.4 million. The Company reported a financial position of cash and cash equivalents as of March 31, 2024, of Ps. 11,541.6 million. In 1Q24, the Company issued long-term bond certificates worth Ps. 3,000.0 million. The proceeds were used to pay the bond certificate "GAP 19" which matured on March 22, 2024. Passenger Traffic During 1Q24, total passengers at the Company's 14 airports increased by 16.4 thousand passengers, an increase of 0.1%, compared to 1Q23. During 1Q23, the following new routes were opened: Domestic:         Airline Departure Arrival Opening date Frequencies Aeromexico Morelia Felipe Angeles January 8, 2024 1 daily Viva Aerobus Puerto Vallarta Felipe Angeles March 14, 2024 3 weekly Note: Frequencies can vary without prior notice.                          International:         Airline Departure Arrival Opening date Frequencies Aeromexico Guadalajara Atlanta January 8, 2024 1 daily American Tijuana Phoenix February 15, 2024 1 daily Southwest Los Cabos St. Louis March 9, 2024 1 weekly Frontier Montego Bay Cleveland March 9, 2024 3 weekly Aeromexico Guanajuato Atlanta March 14, 2024 1 daily Aeromexico Guadalajara Detroit March 14, 2024 1 daily Note: Frequencies can vary without prior notice.   Domestic Terminal Passengers – 14 airports (in thousands):    Airport 1Q23 1Q24 Change   Guadalajara 2,958.8 2,671.7 (9.7 %)   Tijuana * 2,066.4 1,985.6 (3.9 %)   Los Cabos 670.6 637.7 (4.9 %)   Puerto Vallarta 639.7 574.8 (10.1 %)   Montego Bay 0.0 0.0 0.0 %   Guanajuato 507.3 484.0 (4.6 %)   Hermosillo 474.0 457.5 (3.5 %)   Kingston 0.2 0.6 215.9 %   Mexicali 346.6 288.3 (16.8 %)   Morelia 186.8 146.2 (21.7 %)   La Paz 226.6 271.4 19.8 %   Aguascalientes 150.6 142.3 (5.5 %)   Los Mochis 94.3 126.2 33.8 %   Manzanillo 27.1 35.9 32.7 %   Total 8,348.9 7,822.2 (6.3 %)   *Cross Border Xpress (CBX) users are classified as international passengers.                       International passengers (thousands)     Airport 1Q23 1Q24 Change   Guadalajara 1,216.1 1,490.1 22.5 %   Tijuana * 1,047.6 952.4 (9.1 %)   Los Cabos 1,381.2 1,407.9 1.9 %   Puerto Vallarta 1,378.1 1,543.9 12.0 %   Montego Bay 1,351.0 1,457.4 7.9 %   Guanajuato 207.4 247.1 19.1 %   Hermosillo 19.1 23.3 22.2 %   Kingston 394.1 391.4 (0.7 %)   Mexicali 1.5 1.6 6.5 %   Morelia 151.5 157.2 3.7 %   La Paz 3.7 3.2 (12.6 %)   Aguascalientes 60.2 69.5 15.4 %   Los Mochis 1.8 2.0 13.6 %   Manzanillo 30.8 40.3 30.8 %   Total 7,244.1 7,787.3 7.5 %   *CBX users are classified as international passengers.                             Total Terminal Passengers – 14 airports (in thousands):     Airport 1Q23 1Q24 Change   Guadalajara 4,174.9 4,161.8 (0.3 %)   Tijuana * 3,114.0 2,938.0 (5.7 %)   Los Cabos 2,051.8 2,045.6 (0.3 %)   Puerto Vallarta 2,017.8 2,118.7 5.0 %   Montego Bay 1,351.0 1,457.4 7.9 %   Guanajuato 714.7 731.0 2.3 %   Hermosillo 493.1 480.8 (2.5 %)   Kingston 394.3 392.0 (0.6 %)   Mexicali 348.1 289.9 (16.7 %)   Morelia 338.3 303.4 (10.3 %)   La Paz 230.3 274.6 19.2 %   Aguascalientes 210.8 211.8 0.5 %   Los Mochis 96.1 128.2 33.4 %   Manzanillo 57.9 76.2 31.7 %   Total 15,593.0 15,609.4 0.1 %   *CBX users are classified as international passengers.                             CBX Users (in thousands):       Airport 1Q23 1Q24 Change   Tijuana 1,039.4 941.8 (9.4 %)             Consolidated Results for the First Quarter of 2024(in thousands of pesos):             1Q23 1Q24 Change   Revenues         Aeronautical services 5,028,675   4,962,102   (1.3 %)   Non-aeronautical services 1,470,883   1,694,405   15.2 %   Improvements to concession assets (IFRIC-12) 1,840,362   1,838,461   (0.1 %)   Total revenues 8,339,920   8,494,968   1.9 %             Operating costs         Costs of services: 966,638   1,071,927   10.9 %   Employee costs 396,934   459,161   15.7 %   Maintenance 145,667   161,797   11.1 %   Safety, security & insurance 167,478   182,220   8.8 %   Utilities 104,251   105,972   1.7 %   Business operated directly by us 49,160   73,611   49.7 %   Other operating expenses 103,148   89,166   (13.6 %)             Technical assistance fees 222,238   224,362   1.0 %   Concession taxes 609,394   714,616   17.3 %   Depreciation and amortization 618,071   662,948   7.3 %   Cost of improvements to concession assets (IFRIC-12) 1,840,362   1,838,461   (0.1 %)   Other (income) 5,144   (3,350 ) (165.1 %)   Total operating costs 4,261,847   4,508,964   5.8 %   Income from operations 4,078,073   3,986,004   (2.3 %)   Financial Result (674,299 ) (593,735 ) (11.9 %)   Income before income taxes 3,403,773   3,392,270   (0.3 %)   Income taxes (838,542 ) (921,550 ) 9.9 %   Net income 2,565,232   2,470,720   (3.7 %)   Currency translation effect (432,775 ) (291,272 ) (32.7 %)   Cash flow hedges, net of income tax 17,173   (15,239 ) (188.7 %)   Remeasurements of employee benefit – net income tax 281   (47 ) (116.7 %)   Comprehensive income 2,149,911   2,164,162   0.7 %   Non-controlling interest (3,861 ) (31,717 ) 721.4 %   Comprehensive income attributable to controlling interest 2,146,050   2,132,445   (0.6 %)                         1Q23 1Q24 Change   EBITDA 4,696,144   4,648,952   (1.0 %)   Comprehensive income 2,149,911   2,164,162   0.7 %   Comprehensive income per share (pesos) 4.2279   4.2831   1.3 %   Comprehensive income per ADS (US dollars) 2.5535   2.5868   1.3 %             Operating income margin 48.9 % 46.9 % (4.0 %)   Operating income margin (excluding IFRIC-12) 62.7 % 59.9 % (4.6 %)   EBITDA margin 56.3 % 54.7 % (2.8 %)   EBITDA margin (excluding IFRIC-12) 72.3 % 69.8 % (3.3 %)   Costs of services and improvements / total revenues 33.7 % 34.3 % 1.8 %   Cost of services / total revenues (excluding IFRIC-12) 14.9 % 16.1 % 8.3 %                       - Net income and comprehensive income per share for 1Q24 and 1Q23 were calculated based on 505,277,464 shares outstanding as of March 31, 2024, and March 31, 2023, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 16.5574 per U.S. dollar (the noon buying rate on March 31, 2024, as published by the U.S. Federal Reserve Board). - For purposes of the consolidation of our Jamaican airports, the average three-month exchange rate of Ps. 16.9977 per U.S. dollar for the three months ended March 31, 2024, was used.         Revenues (1Q24 vs. 1Q23) Aeronautical services revenues decreased by Ps. 66.6 million, or 1.3%. Non-aeronautical services revenues increased by Ps. 223.5 million, or 15.2%. Revenues from improvements to concession assets decreased by Ps. 1.9 million, or 0.1%. Total revenues increased by Ps. 155.0 million, or 1.9%. The change in aeronautical services revenues was primarily due to the following factors: Revenues at our Mexican airports decreased by Ps. 68.4 million or 1.6% compared to 1Q23, mainly due to the 0.6% decrease in passenger traffic, and the compliance with the maximum tariffs of only 97%. Revenues from Jamaican airports increased by Ps. 1.8 million, or 0.2%, compared to 1Q23. This was mainly due to the 6.0% increase in passenger traffic. During 1Q24, there was a 9.1% appreciation of the peso versus the U.S. dollar, compared to 1Q23, which went from an average exchange rate of Ps. 18.7020 in 1Q23 to Ps. 16.9977 in 1Q24, which represented a decrease in revenues in pesos. The change in non-aeronautical services revenues was primarily driven by the following factors: Revenues at our Mexican airports increased by Ps. 226.3 million, or 18.6%, compared to 1Q23. Revenues from businesses operated by third parties increased by Ps. 154.2 million, or 19.6%, mainly due to the opening of new commercial spaces, and the renegotiation of contract conditions. The business lines that grew the most were food and beverages, car rentals, retail, and leasing of space, all of which increased by Ps. 127.5 million, or 24.8%. Revenues from businesses operated directly by us increased by Ps. 71.3 million, or 18.5%, while the recovery of costs increased by Ps. 0.7 million, or 1.6%. Revenues from the Jamaican airports decreased by Ps. 2.7 million, or 1.1%, compared to 1Q23, due to the peso appreciation. Revenues in U.S. dollars increased by US$ 1.2 million, or 8.8%.   1Q23 1Q24 Change   Businesses operated by third parties:         Food and beverage 238,448 297,367 24.7 %   Duty-free 143,408 198,598 38.5 %   Retail 194,585 184,653 (5.1 %)   Car rentals 171,134 181,852 6.3 %   Leasing of space 43,711 84,472 93.3 %   Time shares 85,020 86,473 1.7 %   Other commercial revenues 57,364 55,380 (3.5 %)   Ground transportation 50,721 46,846 (7.6 %)   Communications and financial services 29,613 26,519 (10.4 %)   Total 1,014,003 1,162,159 14.6 %             Businesses operated directly by us:         Car parking 166,757 177,376 6.4 %   Convenience stores 98,220 147,914 50.6 %   VIP lounges 106,045 111,079