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Strong Start for Airport Stock

Grupo Aeroportuario del Pacifico SA, or Pacific Airport Group, a public firm that operates 12 Mexican airports including Tijuana International, made its initial offering debut on the New York Stock Exchange on Feb. 24, with its American depository shares, tantamount to common stock, initially priced at $21 and rising 35 percent on the first day.

Shares lost some altitude this week, but closed Feb. 28 at $28.80.

Traded under the ticker PAC, the public offering spun off the remaining 85 percent of an entity formerly controlled by the Mexican federal government. The original 15 percent was acquired by PAC, based in Guadalajara, in 1999.

The Mexican government obtained more than $870 million from the stock offering that has been in the works for several years.

Anticipated continued strong growth in passengers at the nation’s airports, and profitable balance sheets drove the rising stock price, analysts said.

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PAC reported net income of $48.3 million on revenue of $177 million for the first nine months of 2005, compared with net income of $33 million on revenue of $153 million for the like period of 2004.

The combined passengers served by the dozen airports last year was about 19 million, up 9 percent from the total served in 2004, according to the company proxy statement.

PAC is the 17th company from Mexico to trade on the New York Exchange, joining Telefonos de Mexico, Cemex and America Movil.

, Mike Allen

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