Los Cabos Beachgoers Fuel GAP Airports Gain: Mexico City MoverJonathan Levin
Grupo Aeroportuario del Pacifico SAB, the operator of Mexican airports in Guadalajara and Los Cabos, climbed for the first time in four days after June passenger traffic rose more than some analysts had forecast.
The shares rallied 2.2 percent to 64.93 pesos at 11:51 a.m. in Mexico City. The country’s benchmark IPC index of 35 stocks fell 0.9 percent.
Passenger traffic rose 6.4 percent in June to 1.86 million people, the Guadalajara, Mexico-based company, known as GAP, said today in a regulatory filing. The increase was led by a 12 percent surge in international travel, including a growing number of visitors to the beaches of Los Cabos. Brokerage Corporativo GBM SAB had projected a 5.2 percent increase it total traffic.
“The big surprise was on the international side,” Luis Willard, an analyst at GBM, said in a telephone interview from Mexico City. “The nascent recovery of the U.S. economy has re-opened the appetite for Los Cabos.”
Traffic through Los Cabos airport, which serves resorts in the western Mexican state of Baja California Sur, increased 20 percent in June to 291,000 people, pushing the advance to 12 percent in the first half of the year, according to the company. Foreign traffic to Los Cabos rose 32 percent last month.
Los Cabos was Aeroportuario del Pacifico’s biggest destination for foreign travelers in the first six months of this year, as well as the company’s biggest airport by total passengers after Guadalajara and Tijuana.