Business Context and Reporting Period
Company: Southeast Airport Group (Grupo Aeroportuario del Sureste, S.A. de C.V.)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: April 13, 2004
Reporting Period: Month of March 2004 (compared to March 2003)
Business Overview: ASUR operates concessions for nine airports in southeast Mexico, including Cancun, Merida, and Cozumel. The company is listed on the NYSE (ASR) and the Mexican Bolsa (ASUR).
Key Financial and Operational Metrics
Passenger Traffic: Total passenger traffic for March 2004 reached 1,288,311, representing a 9.0% increase year-over-year from 1,181,800 in March 2003. Transit and general aviation passengers are excluded from these figures.
| Airport | March 2003 | March 2004 | % Change |
|---|---|---|---|
| Cancun | 871,914 | 943,963 | 8.3% |
| Cozumel | 54,224 | 61,304 | 13.1% |
| Huatulco | 22,875 | 23,746 | 3.8% |
| Merida | 72,983 | 79,007 | 8.3% |
| Minatitlan | 11,871 | 11,320 | -4.6% |
| Oaxaca | 41,076 | 52,428 | 27.6% |
| Tapachula | 15,437 | 16,735 | 8.4% |
| Veracruz | 44,551 | 43,981 | -1.3% |
| Villahermosa | 46,869 | 55,827 | 19.1% |
| ASUR Total | 1,181,800 | 1,288,311 | 9.0% |
Financial Data: The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity for this period.
Material Changes and Contextual Factors
- Seasonal Adjustments: Both 2003 and 2004 saw Easter Week and Holy Week occurring in April, which may influence traffic patterns in the reported month.
- Geopolitical Impact: The comparison period reflects the beginning of the war in Iraq at the end of March 2003, which may have suppressed traffic in the prior year baseline.
- Performance Variance: Oaxaca showed the highest growth at 27.6%, while Minatitlan and Veracruz experienced declines of 4.6% and 1.3%, respectively.
Guidance, Outlook, and Risks
Management Commentary: Management highlighted the 9.0% year-over-year growth in total passenger traffic. No specific financial guidance or forward-looking statements regarding future quarters were included in this announcement.
Risks and Contingencies: The filing notes the impact of the Iraq war on the prior year's data but does not list specific new risks or contingencies for the current period.
Key Facts for Investor Verification
- Verify the full-year 2003 and 2004 financial statements to assess if March traffic growth correlates with revenue and profit trends.
- Confirm the impact of the Iraq war on March 2003 baseline traffic to ensure the 9.0% growth is not skewed by a depressed prior-year comparison.
- Investigate the specific causes for traffic declines at Minatitlan and Veracruz airports.
- Review subsequent filings for revenue recognition related to the reported passenger volume increases.