Business Context and Reporting Period
Company: Pacific Airport Group (Grupo Aeroportuario del Pacífico, S.A.B. de C.V.)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: December 5, 2023
Reporting Period: November 2023 (Monthly) and Year-to-Date (January–November 2023)
Operations: Operates 12 airports in Mexico's Pacific region and two airports in Jamaica (Montego Bay and Kingston).
Key Financial and Operational Metrics
Note: This filing contains operational traffic data only. No revenue, profit, cash flow, margin, debt, or liquidity figures are provided in this document.
Passenger Traffic (November 2023 vs. November 2022)
- Total Terminal Passengers: 5,142.5 thousand (0.7% increase)
- Domestic Passengers: 2,937.6 thousand (0.1% increase)
- International Passengers: 2,204.9 thousand (1.6% increase)
- Seats Available: Decreased 2.5% due to preventive engine revisions on A320neo/A321neo fleets.
- Load Factor: Increased from 80.2% to 82.8%.
Year-to-Date Performance (Jan–Nov 2023 vs. Jan–Nov 2022)
- Total Terminal Passengers: 57,761.9 thousand (13.0% increase)
- Domestic Passengers: 33,344.3 thousand (13.7% increase)
- International Passengers: 24,417.6 thousand (12.1% increase)
Material Changes and Airport Performance
Top Performers (YTD Growth):
- Guanajuato: +26.0% total traffic
- Mexicali: +25.1% total traffic
- Montego Bay: +20.4% total traffic
- Morelia: +20.7% total traffic
Declines (YTD):
- La Paz: -2.4% total traffic (driven by a 45.5% drop in international traffic)
- Aguascalientes: +0.3% total traffic (flat growth)
- Tijuana: -8.7% in November 2023, though YTD remains positive at +8.2%.
New Routes Announced:
- Puerto Vallarta – Calgary (Flair)
- Los Cabos – Victoria (WestJet)
- Montego Bay – Denver (United)
Outlook, Risks, and Management Commentary
Operational Constraints: The decrease in available seats in November 2023 was attributed to preventive maintenance on Pratt & Whitney engines for the A320neo and A321neo fleets.
Forward-Looking Statements: The filing includes standard disclaimers that future results depend on economic conditions, industry trends, and operating factors. There is no guarantee that expected trends will materialize.
Compliance: The company maintains a whistleblower program compliant with the Sarbanes-Oxley Act and Mexican securities law.
Investor Verification Checklist
- Financial Impact: Verify the impact of the 2.5% seat reduction on Q4 revenue and operating margins in the upcoming quarterly report.
- Tijuana Volatility: Investigate the cause of the 8.7% month-over-month decline in Tijuana traffic despite positive YTD growth.
- La Paz International: Confirm the reasons behind the 45.5% year-to-year drop in international traffic at La Paz.
- Engine Maintenance: Assess the duration of the Pratt & Whitney engine revisions and their effect on full-year capacity.
- Route Expansion: Monitor the uptake of the three new routes announced for Puerto Vallarta, Los Cabos, and Montego Bay.