Tourist oriented airports in Mexico pay their expenses in Mexican pesos, which had depreciated vs. the US dollar in the quarter ended June 30th, 2015. In contrast, revenues that are recorded from foreign tourist arrivals and retail spending, are largely indicated in US dollars. This set up a fiscal quarter that offered the potential for windfall profits.
As expected by this author, all three of the publicly traded Mexican airport managers reported abnormally high earnings for the fiscal period ended June 30th, 2015.
Grupo Aeroportuario Del Sureste (ASR-NYSE, $149.26)
Grupo Aeroportuario Del Pacifico (PAC-NYSE, $77.29)
Grupo Aeroportuario Del Centro Norte (OMAB-NASDAQ, $43.57)
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