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Mexican airport operator GAP reports higher 1st-qtr profit
April 25, 2013 / 9:20 PM / 4 years ago

Mexican airport operator GAP reports higher 1st-qtr profit

MEXICO CITY, April 25 (Reuters) - Mexican airport operator Grupo Aeroportuario del Pacifico (GAP) said on Thursday its first-quarter profit rose 26.4 percent, helped by lower operational costs at its airports and higher passenger traffic.

The company said first-quarter profit climbed to 537.16 million pesos (US$43.55 million) from 424.93 million pesos a year ago.

GAP has been embroiled in a long-running ownership disagreement with miner Grupo Mexico, battling the company in Mexico’s courts to enforce internal bylaws that say no minority shareholder can hold more than 10 percent of GAP’s shares.

Grupo Mexico owns nearly 30 percent of the airport operator’s shares.

Quarterly revenue rose 4.5 percent to 1.30 billion pesos compared to 1.25 billion pesos a year earlier.

GAP shares closed down 2.4 percent at 66.62 pesos.

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