MONTRÉAL, May 2, 2024 /CNW/ - ADM Aéroports de Montréal today announced its consolidated operating results for the quarter ended March 31, 2024. These results are accompanied by passenger traffic data for YUL Montréal–Trudeau International Airport. Highlights Passenger traffic at YUL totalled 5.0 million for the first quarter of 2024, up 11.3% from the same period of 2023. Of particular note was the sustained growth of the transborder (U.S.) and international sectors, with increases of 14.4% and 15.9% respectively over levels for the corresponding 2023 quarter. Domestic sector traffic rose by 1.1% over the figure for the first quarter of 2023. EBITDA (excess of revenues over expenses before financial expenses, income taxes, depreciation and impairment and share of results of joint ventures [see the "Non-GAAP measures" section for more information]) was $98.4 million for the quarter under review, an increase of $9.7 million over the EBITDA for the same period of 2023. Capital investments were $57.8 million for the opening quarter of 2024, compared with $47.5 million for the corresponding period of 2023, an increase of $10.3 million, or 21.7%. Grants, primarily from the Government of Canada's Airport Critical Infrastructure Program (ACIP), totalled $11.5 million, compared with $24.1 million for the first quarter of 2023. Quote "Passenger traffic continues to grow at YUL Montréal–Trudeau International Airport. With this in mind, and with the summer season around the corner, our teams are stepping up their efforts to provide a smoother experience for users of our facilities. By the time our ambitious Flight Plan is completed in 2028, including the addition of parking spaces and drop-off zones, the commissioning of the REM station and the addition of a satellite jetty, we must deploy alternatives to relieve congestion on the airport site," said Yves Beauchamp, President and CEO of ADM. He continued: "In the next few days, for example, the first level of the new P4 multi-level parking lot will be transformed into an express drop-off area, and a second one will be opened in early June near Chemin de la Côte-de-Liesse, offering the people accompanying passengers a choice. Free parking for 40 minutes in all lots should also ease traffic congestion. Throughout all this, we are of course working continuously to adjust our airport processes, in collaboration with the airlines and government agencies. It's going to be a busy summer at YUL, which is good news, as it means Quebecers will have the world at their doorstep, and Montréal will be visited by even more tourists. A dynamic airport benefits its entire community, and I applaud the employees of the airport community who contribute to providing travellers with a warm welcome and quality service." Financial results Consolidated revenues were $212.8 million for the first three months of 2024, up $27.0 million, or 14.6%, over the prior-year first quarter. These positive results are mainly due to growth in passenger traffic. Operating expenses for the quarter totalled $78.5 million, an increase of $12.6 million, or 19.1%, over the same period of 2023. This variance in operating expenses is namely associated with the increase in staff numbers and to statutory wage increases, higher operating costs for passenger services, as well as professional fees related to medium- and long-term development plans for airport facilities. Transfers to governments (payments in lieu of taxes to municipalities [PILT] and rent paid to Transport Canada) totalled $35.9 million for the period under review, and represented 16.9% of the Corporation's total revenues, compared with $31.2 million and 16.8% respectively for the corresponding quarter of 2023. Depreciation and impairment of property and equipment and right-of-use assets were $40.7 million for the first three months of 2024, an increase of $1.7 million, or 4.5%, compared with the same period of 2023. This increase is due mainly to the revaluation of certain assets as a result of the new orientations with regards to the program to improve access to YUL. Net financial expenses totalled $21.3 million at March 31, 2024, down $3.0 million, or 12.3%, compared with the same 2023 quarter. This variance is due mainly to higher interest rates on investments, combined with greater cash surpluses. The excess of revenues over expenses was $36.7 million at March 31, 2024, an improvement of $11.1 million, or 43.0%, over the first quarter of 2023.   Financial situation  ADM's net debt at March 31, 2024, was $2.15 billion, compared with $2.16 billion as at December 31, 2023. See the "Non-GAAP measures" section for further information.