Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC) Q2 2024 Earnings Conference Call July 24, 2024 11:00 AM ET
Company Participants
Alejandra Soto - IRO
Raul Revuelta - CEO
Saul Villarreal - CFO
Conference Call Participants
Guilherme Mendes - JPMorgan
Rodolfo Ramos - Bradesco BBI
Jens Spiess - Morgan Stanley
Fernanda Recchia - BTG
Jay Singh - Citi
Gabriel Himelfarb - Scotiabank
Andressa Varotto - UBS
Andreas Carrera - GBM
Pablo Monsivais - Barclays
Alan Macias - Bank of America
Operator
Good morning, and welcome to GAP's Second Quarter 2024 Conference Call. All lines have been placed on mute to prevent any background noise. After the presentation, we will open the floor for questions and at that time, instructions will be given if you would like to ask a question.
It is now my pleasure to turn the conference over to GAP's Investor Relations team. Please go ahead.
Alejandra Soto
Thank you, and welcome to the Grupo Aeroportuario del Pacífico second quarter 2024 conference call. Presenting from the company today, we welcome Mr. Raul Revuelta, GAP's Chief Executive Officer; and Mr. Saul Villarreal, Chief Financial Officer. Please be advised that forward-looking statements may be made during this conference call.
These do not account for future economic circumstances, industry conditions, the company's performance or financial results. As such, statements made are based on several assumptions and factors that could change causing actual results to materially differ from the current expectations. For a complete note on forward-looking statements, please refer to the quarterly report. At this point, I'd like to turn the call over to Mr. Revuelta for his opening remarks. Please begin, sir.
Raul Revuelta
Thank you, Maria, and thank you to our audience for joining us today. As always, we appreciate your continued support and interest in GAP. I will briefly review operational and financial figures before taking your questions.
During this quarter, the total number of passengers reached 15.3 million, which was a 3.9% decrease compared to 2023. The continued passenger traffic deceleration, was due to the preventive inspection carried out - on the A320neo and A321neo airplane engine. This is a process that began in September of last year, and is expected to continue for the remainder of this year into 2025. Despite this setback, we have continued to expand our strength of our network.
During the second quarter, we added three international and two domestic routes, bringing the total number of routes added to our network to 13, just during the first half of this year. We anticipate adding around 11 international routes during the second half of the year, including the recently resumed Tijuana to Beijing route, which will start on July 12. These efforts are aligned with our air development and strategy.