Brief: Corporacion America Airports SA Says Q4 Rev Rose 2.4% To 380.1 Mln USD

Corporacion America Airports SA

07/04/2020 24:22

April 6 (Reuters) - Corporacion America Airports SA
 CAAP.N :
    * Q4 REVENUE ROSE 2.4 PERCENT TO 380.1 MILLION USD
    * Q4 PASSENGER TRAFFIC UP 1.8% YOY TO 20.9 MILLION
    * Q4 CARGO VOLUME DECREASED 3.9% TO 114.0 THOUSAND TONS
    * CORPORACION AMERICA AIRPORTS - CO'S OPERATIONS HAVE BEEN
SEVERELY IMPACTED BY INTRODUCTION OF FLIGHT RESTRICTIONS, FLIGHT
BANS IN MANY OTHER COUNTRIES
    * PASSENGER TRAFFIC IN ITALIAN OPERATIONS STARTED TO DECLINE
LATE
FEB DUE TO IMPACT OF COVID-19
    * IN MARCH PRELIMINARY TRAFFIC IS ESTIMATED TO HAVE DECLINED
ABOUT
45% YOY DUE TO IMPACT OF COVID-19
    * CORPORACION AMERICA AIRPORTS-DUE TO COVID-19, CO IS
REDUCING
SALARY, SUSPENDING SALARY INCREASES AND FREEZING NEW HIRING
    * IN ITALY AND URUGUAY, EMPLOYEES UNDER FURLOUGH ARE
RECEIVING
GOVERNMENT UNEMPLOYMENT SUBSIDIES
    * STARTED DISCUSSIONS WITH REGULATORY AGENCIES TO
RENEGOTIATE
CONCESSION FEES PAYMENTS TO ALIGN TO CURRENT ENVIRONMENT
    * CANCELLED ALL NON-MANDATORY CAPITAL INVESTMENTS AND
DEFERRED
NON-PRIORITY PROJECTS
    * SUSPENDED DIVIDENDS TO THIRD PARTIES IN CONCESSIONS IN
ITALY AND
ECUADOR FOR AN AMOUNT OF 17 MILLION DOLLARS
    * CORPORACION AMERICA AIRPORTS -EXPECTS TOTAL CASH OPERATING
COSTS,EXPENSES EXCLUDING CONCESSION FEES TO BE DOWN BY ABOUT 43%
BASED ON ESTIMATES FOR 2Q20
    * OBTAINED 6-MONTH DEFERRAL OF PRINCIPAL AND INTEREST
PAYMENTS
UNTIL OCT OF ALL OUR DEBT IN BRAZIL
    * CORPORACION AMERICA AIRPORTS - CURRENTLY DOES NOT PAY
CORPORATE
DIVIDENDS AND DOES NOT HAVE IN PLACE A SHARE REPURCHASE PROGRAM
EITHER
    * OBTAINED ADDITIONAL FUNDING IN Q1 FOR AN AMOUNT OF $40
MILLION
IN BRAZIL
    * CORPORACION AMERICA AIRPORTS - IN ITALY, CO IS IN
DISCUSSIONS TO
OBTAIN A GRANT FOR AN AMOUNT OF APPROX EURO 20 MILLION FOR
FLORENCE AND PISA AIRPORTS
    * QTRLY LOSS PER SHARE AS REPORTED $0.23

Source text for Eikon:  urn:newsml:reuters.com:*:nBw4t3dpTa
Further company coverage:  CAAP.N 

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