Mexico airport operators to give government 9% of gross revenue

Mexico’s three airport operators agreed to almost double the contributions they pay the government, adding hundreds of millions of dollars in costs, in deal to placate President Andres Manuel Lopez Obrador after he criticized the industry’s profit margins. GAP, OMA and Asur have reached an agreement with the government to modify the tariff structure that had been in place for over two decades, agreeing to hand the government 9% of gross revenue up from the current 5%, the Infrastructure, Communications and Transportation Ministry said in a statement Thursday. Earlier this month, the operators said the government had “unilaterally and without prior communication” changed the fee structure. The announcement sent shares tumbling the most on record as investors interpreted the move as another overreach by Lopez Obrador’s administration. GAP’s total revenues for 2022 amounted to 22.5b pesos ($1.2b), while OMA reported revenue of 11.9b pesos ($654m). Asur’s revenues last year amounted to 14.3b pesos ($786m). “These changes will benefit passengers by reducing the cost of airport services that have an impact on ticket prices,” the government said in the statement, without providing details on how the money would be used or how the move would lower ticket prices. The changes won’t negatively affect the financial or operational situation of the operators, the ministry said.<br/>