Mexican airport operator GAP profit rises with passenger increase

MEXICO CITY Wed Feb 26, 2014 5:16pm EST

MEXICO CITY Feb 26 (Reuters) - Mexico's Grupo Aeroportuario del Pacifico (GAP) said on Wednesday that its fourth-quarter profit rose 70 percent thanks to higher passenger numbers and a bigger tax rebate.

The company, which operates airports in Mexico's Pacific region, said fourth-quarter profit rose to 896 million pesos ($68.4 million).

Revenue in the quarter to end-December jumped 10.4 percent to 1.34 billion pesos.

The company said it received a tax rebate of 266.4 million pesos, up from 12.5 million pesos in the same quarter last year, reflecting the 2014 fiscal reform.

GAP, which runs the Guadalajara and Los Cabos airports, said that the number of passengers passing through its airports in the quarter rose 12 percent to 6.07 million.

Shares in GAP closed down 1.5 percent on Wednesday at 69.72 pesos per share, while Mexico's IPC blue chip index closed down 1.07 percent.

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