| Grupo Aeroportuario del Sureste S.A. de C.V. ADS Series B | (NY: ASR) |
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May 19, 2013
Grupo Aeroportuario del Sureste, S.A. de C.V. (ASR) is a Mexican airport operator with concessions to operate, maintain, and develop the airports of Cancun, Merida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula, and Minatitlan. The company has two sources of revenue: aeronautical services and non-aeronautical services. Revenue from its aeronautical services is earned from passenger charges, landing charges, aircraft parking charges, charges for airport security services, and charges for the use of passenger walkways. The company's revenue from non-aeronautical services is earned from the leasing of space in its airports to airlines, retailers, and other commercial tenants access fees collected from third parties providing complementary services at its airports and related miscellaneous sources. The company's principal source of revenue remains passenger charges, which are collected from airlines for each passenger. Passenger charges are automatically included in the cost of a passenger's ticket and are generally collected twice monthly from each airline. During 2006, aeronautical services represented 67% of total revenues. As a result, the principal factor affecting ASR's earnings remains the number of passengers using its airports. Nevertheless, there was a continuous increase of commercial revenues per passenger since 2004, particularly from duty-free, food and beverage, retail, advertising, and revenue from banking and currency exchange services. Below we can see the passenger traffic per airport during the first half of 2007:
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