Business Context and Reporting Period
This Form 6-K filing by Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (Pacific Airport Group or GAP) covers preliminary terminal passenger traffic figures for the month of June 2022 and the year-to-date period ending June 30, 2022. The report was issued on July 5, 2022. GAP operates 12 airports in Mexico's Pacific region and two international airports in Jamaica (Montego Bay and Kingston).
Key Financial and Operational Metrics
The filing focuses on operational traffic metrics rather than financial statements (revenue, profit, cash flow, debt, or liquidity figures are not provided in this document).
- Total Terminal Passengers (June 2022): 4,665.9 thousand.
- Total Terminal Passengers (Jan-Jun 2022): 26,664.5 thousand.
- Load Factor (June 2022): 81.6% (up from 77.6% in June 2021).
- Available Seats (June 2022): Increased 23.7% compared to June 2021.
- CBX Users (Tijuana): 360.4 thousand in June 2022; 1,934.6 thousand year-to-date.
Material Changes Versus Prior Periods
Comparison to June 2019 (Pre-Pandemic Baseline):
- Total terminal passengers increased by 15.4% in June 2022 and 10.7% year-to-date.
- Top Performers (June 2022 vs. 2019): Puerto Vallarta (+36.3%), Tijuana (+32.3%), and Los Cabos (+24.0%).
- Underperformers: Montego Bay (+0.3%), Guadalajara (-3.0%), and Guanajuato (-8.7%).
Comparison to June 2021:
- Total terminal passengers increased by 18.6% in June 2022 and 44.5% year-to-date.
- Top Performers (June 2022 vs. 2021): Puerto Vallarta (+32.6%), Montego Bay (+38.3%), and Kingston (+63.6%).
- Notable Growth: International traffic year-to-date surged 68.0% compared to 2021.
Outlook, Commentary, and Risks
Management Commentary: The company highlights a strong recovery trend, with passenger traffic exceeding 2019 levels in June 2022. Load factors improved significantly to 81.6%, indicating efficient capacity utilization.
New Routes: New routes were added in June 2022, including Montego Bay to Austin (American Airlines) and Montego Bay to Tampa (Frontier).
Risks and Forward-Looking Statements: The filing includes standard disclaimers that forward-looking statements are subject to risks and uncertainties, including general economic conditions, industry trends, and operating factors. Actual results may differ materially from expectations.
Key Facts for Investor Verification
- Verify the conversion of the 15.4% passenger traffic increase (vs. 2019) into actual revenue growth, as this filing does not provide financial results.
- Monitor the performance of Montego Bay and Kingston, which showed mixed results against 2019 (Montego Bay flat, Kingston not comparable for full period) but strong growth vs. 2021.
- Confirm the impact of the new Montego Bay routes on future load factors and capacity.
- Review upcoming quarterly financial reports for debt levels and liquidity, which are absent in this operational update.