GUADALAJARA, Mexico, July 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 second quarter ended June 30, 2024 (2Q24). Figures are unaudited and prepared following International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Summary of Results 2Q24 vs. 2Q23 The sum of aeronautical and non-aeronautical services revenues decreased by Ps. 212.9 million, or 3.3%. Total revenues decreased by Ps. 1,100.6 million, or 13.2%. Cost of services increased by Ps. 179.3 million, or 17.3%. Income from operations decreased by Ps. 444.8 million, or 11.2%. EBITDA decreased by Ps. 378.7 million, or 8.3%, a decrease from Ps. 4,576.8 million in 2Q23 to Ps. 4,198.1 million in 2Q24. EBITDA margin (excluding the effects of IFRIC-12) went from 70.4% in 2Q23 to 66.8% in 2Q24. Comprehensive income increased by Ps. 841.9 million, or 41.0%, from an income of Ps. 2,052.0 million in 2Q23 to an income of Ps. 2,893.9 million in 2Q24. Company's Financial Position: During 2Q24, there was a decrease in the Company's income from operations compared to 2Q23, mainly due to the decrease in aeronautical revenues derived from the decline in passenger traffic, as a result of preventive reviews of Pratt & Whitney A320neo and A321neo engines, that started in the third quarter of 2023, offset by an increase in non-aeronautical revenues of 10.6%, compared to the same period in 2023. The Company reports a financial position of cash and cash equivalents as of June 30, 2024, of Ps. 12,584.9 million. During 2Q24, the Company drawdown a credit line with BBVA México, S.A., for Ps. 875.0 million for the acquisition of 51.5% of the shares representing the capital stock of the company Guadalajara World Trade Center, S.A. of C.V. (GWTC). In addition, refinanced two credit facilities with Citibanamex for a total of Ps. 2,500.0 million. Passenger TrafficDuring 2Q24, total passengers at the Company's 14 airports decreased by 621.6 thousand passengers, a decrease of 3.9%, compared to 2Q23. During 2Q23, the following new routes were opened: Domestic                   Airline Departure Arrival Opening date Frequencies Mexicana Guadalajara Los Cabos April 1, 2024 4 weekly Viva Aerobus Los Cabos Felipe Ángeles April 2, 2024 1 daily Note: Frequencies can vary without prior notice.                     International         Airline Departure Arrival Opening date Frequencies Frontier Puerto Vallarta Dallas-Fort Worth May 16, 2024 2 weekly Frontier Los Cabos Phoenix May 16, 2024 2 weekly Flair Guadalajara Vancouver May 31, 2024 2 weekly Note: Frequencies can vary without prior notice.   Domestic Terminal Passengers – 14 airports (in thousands):           Airport 2Q23 2Q24 Change 6M23 6M24 Change Guadalajara 3,174.4 2,994.8 (5.7 %) 6,133.2 5,666.5 (7.6 %) Tijuana * 2,236.9 2,097.8 (6.2 %) 4,303.3 4,083.4 (5.1 %) Los Cabos 741.1 690.6 (6.8 %) 1,411.7 1,328.3 (5.9 %) Puerto Vallarta 758.0 742.6 (2.0 %) 1,397.6 1,317.4 (5.7 %) Montego Bay 0.0 0.0 0.0 % 0.0 0.0 0.0 % Guanajuato 559.3 514.3 (8.1 %) 1,066.6 998.2 (6.4 %) Hermosillo 521.6 531.0 1.8 % 995.6 988.5 (0.7 %) Kingston 0.4 0.5 35.2 % 0.6 1.1 94.0 % Mexicali 380.6 226.3 (40.5 %) 727.2 514.6 (29.2 %) Morelia 201.2 153.3 (23.8 %) 388.0 299.5 (22.8 %) La Paz 284.0 288.1 1.4 % 510.6 559.4 9.6 % Aguascalientes 156.4 166.2 6.3 % 307.0 308.6 0.5 % Los Mochis 118.8 141.8 19.4 % 213.1 268.0 25.8 % Manzanillo 25.7 30.3 17.9 % 52.8 66.2 25.5 % Total 9,158.3 8,577.6 (6.3 %) 17,507.3 16,399.8 (6.3 %) *Cross Border Xpress (CBX) users are classified as international passengers.                 International Terminal Passengers – 14 airports (in thousands):         Airport 2Q23 2Q24 Change 6M23 6M24 Change Guadalajara 1,290.6 1,369.9 6.1 % 2,506.7 2,860.0 14.1 % Tijuana * 1,113.0 981.7 (11.8 %) 2,160.6 1,934.0 (10.5 %) Los Cabos 1,222.3 1,199.9 (1.8 %) 2,603.5 2,607.8 0.2 % Puerto Vallarta 886.7 897.6 1.2 % 2,264.8 2,441.5 7.8 % Montego Bay 1,305.9 1,284.9 (1.6 %) 2,656.8 2,742.4 3.2 % Guanajuato 210.7 242.2 14.9 % 418.1 489.3 17.0 % Hermosillo 17.6 20.3 14.8 % 36.7 43.6 18.7 % Kingston 435.4 419.2 (3.7 %) 829.5 810.6 (2.3 %) Mexicali 2.0 2.1 7.9 % 3.5 3.8 7.2 % Morelia 143.3 156.8 9.4 % 294.9 313.9 6.5 % La Paz 4.0 2.9 (27.5 %) 7.7 6.1 (20.4 %) Aguascalientes 72.6 81.7 12.5 % 132.8 151.2 13.9 % Los Mochis 1.7 2.0 15.4 % 3.5 4.0 14.5 % Manzanillo 11.9 15.9 33.6 % 42.7 56.1 31.6 % Total 6,717.8 6,677.1 (0.6 %) 13,961.9 14,464.4 3.6 % *CBX users are classified as international passengers.                             Total Terminal Passengers – 14 airports (in thousands):           Airport 2Q23 2Q24 Change 6M23 6M24 Change Guadalajara 4,465.0 4,364.7 (2.2 %) 8,639.9 8,526.5 (1.3 %) Tijuana * 3,349.9 3,079.5 (8.1 %) 6,463.9 6,017.4 (6.9 %) Los Cabos 1,963.4 1,890.5 (3.7 %) 4,015.2 3,936.2 (2.0 %) Puerto Vallarta 1,644.7 1,640.2 (0.3 %) 3,662.4 3,758.9 2.6 % Montego Bay 1,305.9 1,284.9 (1.6 %) 2,656.8 2,742.4 3.2 % Guanajuato 770.1 756.5 (1.8 %) 1,484.7 1,487.5 0.2 % Hermosillo 539.2 551.2 2.2 % 1,032.3 1,032.0 (0.0 %) Kingston 435.8 419.8 (3.7 %) 830.1 811.8 (2.2 %) Mexicali 382.6 228.5 (40.3 %) 730.7 518.4 (29.1 %) Morelia 344.6 310.1 (10.0 %) 682.9 613.4 (10.2 %) La Paz 288.0 291.0 1.0 % 518.3 565.6 9.1 % Aguascalientes 229.0 247.9 8.3 % 439.8 459.8 4.5 % Los Mochis 120.5 143.8 19.4 % 216.6 272.0 25.6 % Manzanillo 37.6 46.2 22.9 % 95.4 122.4 28.2 % Total 15,876.1 15,254.7 (3.9 %) 31,469.1 30,864.2 (1.9 %) *CBX users are classified as international passengers.                             CBX Users (in thousands):           Airport 2Q23 2Q24 Change 6M23 6M24 Change Tijuana 1,103.3 965.7 (12.5 %) 2,142.7 1,907.6 (11.0 %)   Consolidated Results for the Second Quarter of 2024 (in thousands of pesos):   2Q23 2Q24 Change Revenues       Aeronautical services 4,939,681   4,560,960   (7.7 %) Non-aeronautical services 1,556,984   1,722,735   10.6 % Improvements to concession assets (IFRIC-12) 1,862,976   975,327   (47.6 %) Total revenues 8,359,641   7,259,022   (13.2 %)         Operating costs       Costs of services: 1,034,528   1,213,842   17.3 % Employee costs 435,239   490,716   12.7 % Maintenance 161,331   180,485   11.9 % Safety, security & insurance 155,476   199,802   28.5 % Utilities 118,412   130,036   9.8 % Business operated directly by us 62,936   72,549   15.3 % Other operating expenses 101,134   140,254   38.7 %         Technical assistance fees 220,479   202,174   (8.3 %) Concession taxes 657,228   678,595   3.3 % Depreciation and amortization 621,155   687,351   10.7 % Cost of improvements to concession assets (IFRIC-12) 1,862,976   975,327   (47.6 %) Other (income) 7,652   (9,042 ) (218.2 %) Total operating costs 4,404,018   3,748,247   (14.9 %) Income from operations 3,955,623   3,510,775   (11.2 %) Financial Result (508,135 ) (663,157 ) 30.5 % Income before income taxes 3,447,488   2,847,618   (17.4 %) Income taxes (959,062 ) (594,903 ) (38.0 %) Net income 2,488,426   2,252,715   (9.5 %) Currency translation effect (381,807 ) 659,054   (272.6 %) Cash flow hedges, net of income tax (54,924 ) (20,164 ) (63.3 %) Remeasurements of employee benefit – net income tax 318   2,276   615.7 % Comprehensive income 2,052,013   2,893,881   41.0 % Non-controlling interest (4,355 ) (95,925 ) 2102.4 % Comprehensive income attributable to controlling interest 2,047,657   2,797,956   36.6 %                   2Q23 2Q24 Change EBITDA 4,576,778   4,198,126   (8.3 %) Comprehensive income 2,052,013   2,893,881   41.0 % Comprehensive income per share (pesos) 4.0353   5.7273   41.9 % Comprehensive income per ADS (US dollars) 2.4372   3.4591   41.9 %         Operating income margin 47.3 % 48.4 % 2.2 % Operating income margin (excluding IFRIC-12) 60.9 % 55.9 % (8.2 %) EBITDA margin 54.7 % 57.8 % 5.6 % EBITDA margin (excluding IFRIC-12) 70.4 % 66.8 % (5.2 %) Costs of services and improvements / total revenues 34.7 % 30.2 % (13.0 %) Cost of services / total revenues (excluding IFRIC-12) 15.9 % 19.3 % 21.3 %         - Net income and comprehensive income per share for 2Q24 and 2Q23 were calculated based on 505,277,464 shares outstanding as of June 30, 2024, and June 30, 2023, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 18.2610 per U.S. dollar (the noon buying rate on June 28, 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. 17.2106 per U.S. dollar for the three months ended June 30, 2024, was used. Revenues (2Q24 vs. 2Q23) Aeronautical services revenues decreased by Ps. 378.7 million, or 7.7%. Non-aeronautical services revenues increased by Ps. 165.8 million, or 10.6%. Revenues from improvements to concession assets decreased by Ps. 887.6 million, or 47.6%. Total revenues decreased by Ps. 1,100.6 million, or 13.2%. The change in aeronautical services revenues was primarily due to the following factors: Revenues at our Mexican airports decreased by Ps. 380.8 million or 9.0% compared to 2Q23, mainly due to the 4.1% decrease in passenger traffic. Revenues from Jamaican airports increased by Ps. 2.1 million, or 0.3%, compared to 2Q23. This was mainly due to the increase in revenues in U.S. dollars by US$0.3 million, or 24.6%, offset by the appreciation of the peso versus the U.S. dollar by 2.9%, compared to 2Q23, which went from an average exchange rate of Ps. 17.7225 in 2Q23 to Ps. 17.2106 in 2Q24. Passenger traffic decreased by 2.1%. The change in non-aeronautical services revenues was primarily driven by the following factors: Revenues at our Mexican airports increased by Ps. 168.7 million, or 12.9%, compared to 2Q23. Revenues from businesses operated by third parties increased by Ps. 103.4 million, or 12.5%, mainly due to the opening of new commercial spaces, and the renegotiation of contract conditions. The business lines that grew the most were car rentals, food and beverages, and leasing of space, all of which increased by Ps. 98.5 million, or 23.1%, offset by a combined decrease of Ps. 3.9 million in duty-free stores. Revenues from businesses operated directly by us increased by Ps. 65.9 million, or 15.2%. Revenues from the Jamaican airports decreased by Ps. 2.9 million, or 1.2%, compared to 2Q23. Revenues in U.S. dollars decreased by US$ 0.3 million, or 2.0%. The peso appreciated versus the U.S. dollar by 2.9%, compared to 2Q23.   2Q23 2Q24 Change Businesses operated by third parties:       Food and beverage 260,242 290,715 11.7 % Car rental 139,456 204,578 46.7 % Duty-free 195,434 183,384 (6.2 %) Retail 184,636 159,927 (13.4 %) Leasing of space 88,315 120,804 36.8 % Other commercial revenues 43,951 60,577 37.8 % Times shares 59,020 55,367 (6.2 %) Ground transportation 47,684 46,676 (2.1 %) Communications and financial services 29,893 27,559 (7.8 %) Total 1,048,632 1,149,586 9.6 %         Businesses operated directly by us:       Car parking 174,304 169,356 (2.8 %) Convenience stores 133,534 135,464 1.4 % VIP Lounges 107,932 120,862 12.0 % Advertising 37,490 42,400 13.1 % Hangar sublease and related services - 31,777 100.0 % Hotel operation - 18,608 100.0 % Total 453,261 518,467 14.4 % Recovery of costs 55,091 54,681 (0.7 %) Total Non-aeronautical Revenues 1,556,984 1,722,735 10.6 %         Figures expressed in thousands of Mexican pesos.       Revenues from improvements to concession assets 1Revenues from improvements to concession assets (IFRIC-12) decreased by Ps. 887.6 million, or 47.6%, compared to 2Q23. The change was composed of: Improvements to concession assets at the Company's Mexican airports, which decreased by Ps. 932.0 million, or 51.1%, following investments under the Master Development Program for the 2020-2024 period. Improvements to concession assets at the Company's Jamaican airports, which increased Ps. 44.3 million, or 111.5%. _____________________________1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 "Service Concession Arrangements" (IFRIC 12). However, this recognition does not have a cash impact or impact on the Company's operating results. Amounts included as a result of the recognition of IFRIC 12 are related to construction of infrastructure in each quarter to which the Company has committed. This is in accordance with the Company's Master Development Programs in Mexico and Capital Development Programs in Jamaica. All margins and ratios calculated using "Total Revenues" include revenues from improvements to concession assets (IFRIC 12), and, consequently, such margins and ratios may not be comparable to other ratios and margins, such as EBITDA margin, operating margin or other similar ratios that are calculated based on those results of the Company that do have a cash impact. Total operating costs decreased by Ps. 655.8 million, or 14.9%, compared to 2Q23, mainly due to the decrease in the cost of improvements to concession assets (IFRIC-12) by Ps. 887.6 million. This was offset by an increase in the cost of services of Ps. 179.3 million, or 17.3%, a Ps. 66.2 million, or 10.7% increase in depreciation and amortization, and a combined increase of Ps. 3.0 million, or 3.0%, in concession taxes and technical assistance fees (excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 231.9 million, or 9.1%). This decrease in total operating costs was primarily due to the following factors: Mexican airports: Operating costs decreased by Ps. 727.7 million, or 19.8%, compared to 2Q23, primarily due to a decrease in the cost of improvements to the concession assets (IFRIC-12) by Ps. 932.0 million, or 51.1%, offset by an increase in the cost of services by Ps. 143.0 million, or 16.4%, an increase in depreciation and amortization by Ps. 73.1 million, or 14.8%, and a combined increase in technical assistance fees and concession taxes by Ps. 4.3 million, or 0.1% (excluding the cost of improvements to the concession assets (IFRIC-12), operating costs increased by Ps. 204.3 million or 11.0%). The change in the cost of services at our Mexican airports during 2Q24 was mainly due to: Employee costs increased Ps. 52.0 million, or 13.5%, compared to 2Q23, mainly due to the hiring of 244 additional personnel during 2023 and 1H24, as well as the adjustments in salaries and cost related to changes in Labor Law. Other operating expenses increased by Ps. 39.1 million, or 34.3%, compared to 2Q23, mainly due to a combined increase in services, professional fees, and travel expenses by Ps. 33.9 million. Safety, security, and insurance increased by Ps. 27.4 million, or 22.0%, compared to 2Q23, mainly due to the increase in the security headcount, minimum wages, and changes in Labor Law, as well as the opening of new operational areas. Utilities increased by Ps. 7.9 million, or 9.4%. Jamaican Airport: Operating costs increased by Ps. 71.9 million, or 9.9%, compared to 2Q23, mainly due to a Ps. 44.3 million, or 111.5%, increase in the cost of improvements to concession assets (IFRIC-12), an increase in the cost of services by Ps. 36.3 million, or 22.1%, and an increase in the concession taxes by Ps. 1.2 million, or 0.3%. Operating income margin went from 47.3% in 2Q23 to 48.4% in 2Q24. Excluding the effects of IFRIC-12, the operating income margin went from 60.9% in 2Q23 to 55.9% in 2Q24. Income from operations decreased by Ps. 444.8 million, or 11.2%, compared to 2Q23. EBITDA margin went from 54.7% in 2Q23 to 57.8% in 2Q24. Excluding the effects of IFRIC-12, EBITDA margin went from 70.4% in 2Q23 to 66.8% in 2Q24. The nominal value of EBITDA decreased by Ps. 378.7 million, or 8.3%, compared to 2Q23. Financial results increased by Ps. 155.0 million, or 30.5%, from a net expense of Ps. 508.1 million in 2Q23 to a net expense of Ps. 663.1 million in 2Q24. This change was mainly the result of: Foreign exchange rate fluctuations, which went from a loss of Ps. 189.5 million in 2Q23 to an income of Ps. 80.9 million in 2Q24. This generated a foreign exchange gain of Ps. 270.4 million. This was mainly due to the appreciation of the peso. Currency translation effect gain increased Ps. 1,040.9 million, compared to 2Q23. Interest expenses increased by Ps. 258.5 million, or 32.0%, compared to 2Q23, mainly due to higher debt as a result of the issuance of long-term debt securities and the drawdown of credit lines, as well as the substantial increase in the interest rates. Interest income decreased by Ps. 166.9 million, or 36.2%, compared to 2Q23, mainly due to a decrease in the cash and cash equivalents average balance and the reference rates. In 2Q24, comprehensive income increased by Ps. 841.9 million, or 41.0%, compared to 2Q23. Income before taxes decreased by Ps. 599.9 million, mainly due to the decrease in passenger traffic and partially offset by the revenues generated by the commercial strategy. This decrease generated a decrease in the tax income of Ps. 364.2 million. Net and comprehensive income increased mainly due to the increase of the effect of foreign currency translation by Ps. 1,040.9 million. During 2Q24, net income decreased by Ps. 235.7 million, or 9.5%, compared to 2Q23. Taxes for the period decreased by Ps. 364.2 million, tax income decreased by Ps. 26.7 million and the benefit for deferred taxes increased by Ps. 337.5 million, mainly due to the application of fiscal losses for Ps. 347.3 million, offset by a decrease in the inflationary effects, that went from an inflation rate of 0.2% in 2Q23 to 0.1% in 2Q24. Consolidated Results for the Six Months of 2024 (in thousands of pesos):   6M23 6M24 Change Revenues       Aeronautical services 9,968,355   9,523,062   (4.5 %) Non-aeronautical services 3,027,867   3,417,140   12.9 % Improvements to concession assets (IFRIC-12) 3,703,338   2,813,789   (24.0 %) Total revenues 16,699,561   15,753,991   (5.7 %)         Operating costs       Costs of services: 2,001,166   2,285,769   14.2 % Employee costs 832,173   949,877   14.1 % Maintenance 306,998   342,282   11.5 % Safety, security & insurance 322,954   382,022   18.3 % Utilities 222,663   236,008   6.0 % Business operated directly by us 112,095   146,160   30.4 % Other operating expenses 34,173   229,420   571.4 %         Technical assistance fees 442,717   426,536   (3.7 %) Concession taxes 1,266,621   1,393,211   10.0 % Depreciation and amortization 1,239,226   1,350,300   9.0 % Cost of improvements to concession assets (IFRIC-12) 3,703,338   2,813,789   (24.0 %) Other (income) 12,796   (12,392 ) (196.8 %) Total operating costs 8,665,865   8,257,212   (4.7 %) Income from operations 8,033,696   7,496,778   (6.7 %) Financial Result (1,182,435 ) (1,256,892 ) 6.3 % Income before income taxes 6,851,260   6,239,887   (8.9 %) Income taxes (1,797,604 ) (1,516,453 ) (15.6 %) Net income 5,053,656   4,723,435   (6.5 %) Currency translation effect (814,582 ) 367,782   (145.1 %) Cash flow hedges, net of income tax (37,751 ) (35,403 ) (6.2 %) Remeasurements of employee benefit – net income tax 599   2,229   272.1 % Comprehensive income 4,201,923   5,058,042   20.4 % Non-controlling interest (8,217 ) (127,642 ) 1453.4 % Comprehensive income attributable to controlling interest 4,193,707   4,930,402   17.6 %