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Corporación América Airports S.A. reports developments for a private airport concession operator listed on the NYSE under the symbol CAAP. The company acquires, develops and operates airport concessions across Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy, with news commonly centered on passenger traffic, domestic and international travel trends, cargo volumes and aircraft movements across its network.
Company updates also cover quarterly and annual financial results, aeronautical and commercial revenue performance, liquidity and leverage, and concession terms for airports operated through subsidiaries. Recurring announcements include annual report filings, earnings-call scheduling and amendments to concession agreements such as those involving Seymour Airport in the Galápagos and international airports in Armenia.
Corporación América Airports (CAAP) announced the termination of the concession for the International Airport of São Gonçalo do Amarante (Natal Airport) via its subsidiary ICASGA. This decision, initiated on March 5, was due to the financial challenges arising from passenger traffic declines linked to Brazil's economic situation. The company will receive an indemnification based on non-amortized capital expenditures. ICASGA will continue operations during the transition while the Brazilian Ministry of Infrastructure conducts feasibility studies for a new operator.
Corporación América Airports (CAAP) reported a significant decline in financial performance for Q3 2020, with consolidated revenues of $97.6 million, a 76.6% drop YoY, primarily due to COVID-19 impacts. Passenger traffic fell by 88.7% to 2.6 million, while aeronautical revenues decreased by 87.1%. The operating loss was $123 million compared to a gain of $61.8 million in Q3 2019. Despite these challenges, the company noted improvements in passenger traffic and cash operating costs, achieving a 48% reduction. Liquidity was enhanced via a $40 million local bond issuance and an €85 million loan in Italy.
Corporación América Airports S.A. (NYSE: CAAP) reported an 80.8% decline in total passenger traffic for October 2020, reflecting the ongoing impact of the Covid-19 pandemic. Domestic and international traffic fell 80.0% and 89.8% respectively. Argentina witnessed the steepest drop, with total passenger numbers down 97.8%. Cargo volume also decreased by 40.2%, indicating a significant downturn in operational metrics across all countries of operation. Despite a slight sequential improvement noted from previous months, the overall figures highlight the challenges facing the aviation sector.
Corporación América Airports S.A. (NYSE: CAAP), the largest private airport operator by number of airports managed, will release its Third Quarter results on November 18, after market closes. A conference call is scheduled for November 19 at 9:00 am ET, featuring executives including CEO Martín Eurnekian and CFO Raúl Francos. The company currently operates 52 airports across 7 countries and served 84.2 million passengers in 2019. For more details, visit their investor relations page.
Corporación América Airports S.A. (NYSE: CAAP) reported an 84.1% decline in total passenger traffic year-over-year for September 2020, reflecting the ongoing impact of the Covid-19 pandemic.
International and domestic passenger traffic fell 88.7% and 85.4%, respectively, with Argentina seeing a staggering 98.9% drop due to air travel bans. Cargo volume decreased 40.9%, and aircraft movements saw a 67.8% decline. Sequentially, September's figures showed slight improvements compared to August's declines, but challenges persist with travel restrictions limiting recovery.