Business Context and Reporting Period
This Form 6-K filing by Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (Pacific Airport Group or GAP) reports preliminary terminal passenger traffic figures for the month of May 2022 and the year-to-date period ending May 2022. The filing was submitted on June 3, 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 exclusively on operational passenger traffic data; it does not provide financial statements regarding revenue, profit, cash flow, margins, debt, or liquidity.
- Total Terminal Passengers (May 2022): 4,668.1 thousand (4.67 million).
- Total Terminal Passengers (Jan-May 2022): 21,998.6 thousand (22.0 million).
- Load Factor (May 2022): 81.9% (up from 77.1% in May 2021).
- Available Seats (May 2022): Increased 24.3% compared to May 2021.
Material Changes Versus Prior Periods
Passenger traffic showed significant recovery compared to both 2021 and pre-pandemic 2019 levels.
- vs. May 2021: Total traffic increased by 23.2% for the month and 51.6% year-to-date.
- vs. May 2019: Total traffic increased by 15.3% for the month and 9.7% year-to-date.
- International Traffic: International passengers rose 21.6% vs. May 2019 and 29.2% vs. May 2021.
- Domestic Traffic: Domestic passengers rose 11.3% vs. May 2019 and 19.3% vs. May 2021.
Notable Airport Performance (May 2022 vs. May 2019):
- Strong Growth: Puerto Vallarta (+35.0%), Tijuana (+32.6%), Los Cabos (+27.2%), and Morelia (+30.6%).
- Declines: Guanajuato (-17.6%), Mexicali (-9.7%), and Manzanillo (-3.4%).
- Stable: Montego Bay (-0.1%) and Guadalajara (+1.3%).
Outlook, Commentary, and Risks
Management Commentary: The company highlighted the addition of new routes, including Guadalajara-Las Vegas (Frontier), Puerto Vallarta-Santa Lucia (Aeromexico), Montego Bay-Philadelphia (Spirit), and Kingston-Miami (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 conditions, and operating factors. There is no guarantee that expected trends will occur.
Unusual Items: The filing notes that Kingston airport data for Jan-Oct 2019 is not comparable as GAP took control on October 10, 2019. Additionally, CBX (Cross Border Xpress) users in Tijuana are classified as international passengers.
Investor Verification Checklist
- Verify the conversion of the reported 15.3% passenger increase vs. 2019 into actual revenue impact, as this filing contains no financial data.
- Confirm the sustainability of the 81.9% load factor and the 24.3% seat capacity increase in subsequent months.
- Monitor the performance of the newly announced routes (e.g., Kingston-Miami, Montego Bay-Philadelphia) for future traffic contributions.
- Review the specific reasons for the continued decline in traffic at Guanajuato and Mexicali airports compared to 2019 levels.
- Check upcoming Form 20-F filings for detailed financial statements, debt levels, and liquidity positions not included in this 6-K.