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Grupo Aeroportuario del Pacífico, S.A.B. de C.V. - PAC STOCK NEWS

Welcome to our dedicated page for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. news (Ticker: PAC), a resource for investors and traders seeking the latest updates and insights on Grupo Aeroportuario del Pacífico, S.A.B. de C.V. stock.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP), headquartered in Guadalajara, Mexico, is a prominent airport operator engaged in the construction, development, and operation of airports across Mexico. Founded to streamline air travel infrastructure, GAP plays a crucial role in enhancing the connectivity and accessibility of key regions in Mexico and beyond.

GAP's portfolio includes major airports such as Guadalajara, Tijuana, Puerto Vallarta, San Jose del Cabo, Montego Bay, Hermosillo, and Guanajuato, among others. The Guadalajara segment stands as the company's primary revenue generator, contributing significantly to its financial health.

Recent reports highlight notable developments within the company. In 4Q23, the financial results saw a decrease of Ps. 99.7 million, or 13.3%, in net expense compared to 4Q22. This shift was driven by various factors including the consolidation of routes and preventive inspections of GTF engines. Additionally, the company's financial cost increased by Ps. 838.5 million, or 54.5%, from 2022 to 2023, primarily due to adjustments related to the adoption of IFRS accounting standards.

GAP has actively expanded its international footprint, with passenger traffic at Tijuana classified as international when using the Cross Border Xpress (CBX) in both directions. The company's strategic initiatives focus on enhancing passenger experiences, improving operational efficiencies, and maintaining stringent safety standards.

Financially, GAP continues to navigate through challenges by aligning its reporting practices with both Mexican Financial Reporting Standards (MFRS) and International Financial Reporting Standards (IFRS). The company ensures compliance with Mexican legal and tax requirements while delivering transparent and accurate financial information to its stakeholders.

Looking ahead, Grupo Aeroportuario del Pacífico remains committed to its mission of developing world-class airport facilities that support economic growth and regional development. Through continuous investment in infrastructure and technology, GAP aims to provide exceptional service to passengers and contribute to the overall advancement of the aviation industry.

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Grupo Aeroportuario del Pacífico (GAP), which operates 12 airports in Mexico's Pacific region, has refinanced a Ps. 1.0 billion credit facility with Banco Nacional de México (Citibanamex). The refinancing extends the maturity date by 12 months, with interest payable monthly at a variable rate of TIIE-28 plus 18 basis points. Principal repayment is due on July 10, 2025. This refinancing ensures continued financial flexibility for GAP, a company with listings on both the New York Stock Exchange (PAC) and the Mexican Stock Exchange (GAP).

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Grupo Aeroportuario del Pacífico (NYSE: PAC; BMV: GAP) announced the payment date for the first installment of a capital stock reduction, approved during the Extraordinary Shareholders’ Meeting on April 25, 2024. Shareholders will receive Ps. 13.86 per outstanding share, with the payment divided into two installments. The first installment of Ps. 6.93 per share will be paid on July 23, 2024. This capital reduction payment marks the thirty-eighth such payment by the company.

GAP operates 12 airports across Mexico’s Pacific region and additional international operations in Jamaica. Since its NYSE listing in February 2006, the company has expanded its portfolio, including significant acquisitions and concession agreements for major airports.

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Grupo Aeroportuario del Pacifico (GAP) reported a 1.9% decrease in total terminal passenger traffic for June 2024 compared to June 2023. This decline was seen across most of GAP's 12 Mexican airports, with Tijuana and Los Cabos experiencing significant decreases of 5.8% and 0.4%, respectively. However, Puerto Vallarta and Guadalajara airports saw slight increases of 0.7% and 0.5%, respectively. The seats available during June 2024 decreased by 6.2%, but the load factor improved to 83.4%, up from 79.7% in June 2023.

On a year-to-date basis, total terminal passengers also decreased by 1.9% compared to the same period in 2023. The most notable decreases were observed in Morelia and Mexicali, with declines of 27.7% and 35.8%, respectively. Despite the overall decline, international passenger traffic showed a modest increase of 1.7% compared to June 2023.

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Grupo Aeroportuario del Pacífico (GAP) announced that Hurricane Beryl caused no major damage to its Montego Bay and Kingston airports in Jamaica. Both airports were closed from midnight on July 2 to July 3 as a precaution. The Montego Bay airport resumed operations on July 3 at 6:00 p.m., while Kingston Airport, which sustained minor roof damage, will reopen on July 5 at 5:00 a.m. GAP's property insurance covers natural disasters, so no significant economic impact is expected. The hurricane's center is now more than 100 km southwest of Negril Point, Jamaica.

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Grupo Aeroportuario del Pacifico (GAP), operating 12 airports across Mexico's Pacific region, has drawn down Ps. 875.0 million from a BBVA México credit facility. The loan carries a variable interest rate of TIIE-28 plus 20 basis points, with monthly interest payments and principal due on June 19, 2025. Proceeds will finance the acquisition of 51.5% of Guadalajara World Trade Center (GWTC) shares, aligning with a previous announcement on June 11. The company is listed on both the New York (PAC) and Mexican (GAP) stock exchanges.

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Grupo Aeroportuario del Pacifico (GAP), listed on NYSE as PAC, announced the acquisition of 51.5% of the shares of Guadalajara World Trade Center (GWTC) for Ps. 875.5 million. GWTC consists of seven companies specializing in international cargo services at Guadalajara and Puebla Airports. In 2023, GWTC generated revenues exceeding Ps. 1 billion with an EBITDA margin of around 40%, and no financial debt. The transaction, expected to close by June 25, will be financed either through a bank loan or the company's resources. This acquisition helps GAP gain expertise in the cargo business and leverage nearshoring opportunities in the region.

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Grupo Aeroportuario del Pacífico (NYSE: PAC; BMV: GAP) has refinanced a maturing credit facility with Banco Nacional de México, S.A. (Citibanamex) for Ps. 1.5 billion. The new agreement extends the maturity by 18 months with interest payable monthly at a variable rate of TIIE-28 plus 24 basis points and a principal payment due on December 5, 2025. GAP operates 12 airports in Mexico's Pacific region and holds stakes in airports in Jamaica. GAP is listed on both the New York and Mexican Stock Exchanges.

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Grupo Aeroportuario del Pacífico (NYSE: PAC; BMV: GAP) reported a 2.3% decrease in total terminal passenger traffic in May 2024 compared to May 2023. Specific airports experienced varied changes: Puerto Vallarta saw a 3.2% increase, while Tijuana, Guadalajara, and Los Cabos saw decreases of 5.2%, 2.7%, and 1.7% respectively. Montego Bay also saw a minor decrease of 0.3%.

On a year-to-date basis from January to May, overall passenger traffic decreased by 1.9%. The number of available seats dropped by 7.2% year-over-year, but load factors improved from 78.8% to 82.9%. New routes were launched including Guadalajara to Vancouver by Flair Airlines and Los Cabos to Phoenix by Frontier.

Domestic and international passenger traffic at various airports showed mixed results, with some increases and notable declines. Guadalajara and Tijuana saw significant declines in both domestic and international traffic.

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Grupo Aeroportuario del Pacifico reported a 7.3% decrease in passenger traffic in April 2024 compared to 2023, affecting various airports in Mexico. The company highlighted factors such as decreased seat availability due to engine revisions and the impact of the Holy Week Holiday. Despite introducing new routes, the overall passenger traffic declined, impacting both domestic and international terminals.

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Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) announced the filing of its 2023 annual report and Form 20-F with regulatory authorities. The company operates 12 airports in Mexico, including major cities and tourist destinations. GAP's shares are listed on NYSE and BMV. The press release contains references to EBITDA as a financial performance measure.

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FAQ

What is Grupo Aeroportuario del Pacífico (GAP)?

GAP is a Mexican airport operator involved in the construction, development, and operation of airports across Mexico.

Where is GAP headquartered?

GAP is headquartered in Guadalajara, Mexico.

Which airports are operated by GAP?

GAP operates several airports including Guadalajara, Tijuana, Puerto Vallarta, San Jose del Cabo, Montego Bay, Hermosillo, and Guanajuato.

How does GAP generate its revenue?

GAP generates maximum revenue from the Guadalajara segment, with significant contributions from other key airports.

What recent financial changes has GAP experienced?

In 4Q23, GAP saw a decrease in net expense by Ps. 99.7 million, while financial costs increased by Ps. 838.5 million from 2022 to 2023.

How does GAP classify passenger traffic at Tijuana?

Passengers using the Cross Border Xpress (CBX) in Tijuana in both directions are classified as international.

What accounting standards does GAP follow?

GAP adheres to both Mexican Financial Reporting Standards (MFRS) and International Financial Reporting Standards (IFRS).

What are GAP's future plans?

GAP aims to invest in infrastructure and technology to enhance passenger experiences and support economic growth and regional development.

How does GAP ensure compliance with legal and tax requirements?

GAP prepares separate financial information under MFRS for Mexican legal and tax purposes while reporting consolidated financial statements under IFRS.

What is the significance of GAP's international operations?

GAP's international operations, such as the classification of Tijuana's CBX passenger traffic, highlight its expanding global footprint and strategic growth initiatives.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V.

NYSE:PAC

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8.43B
435.46M
13.51%
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Scheduled Passenger Air Transportation
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United States of America
Guadalajara